Tax Equity and Fiscal Responsibility Act of 1982


Definition
TEFRA. A federal law signed by President Ronald Reagan in 1982 that reversed some of the tax cuts from the previous year's Economic Recovery Tax Act (ERTA). Specifically, the law created a 10% withholding for dividends, repealed accelerated depreciation deductions used by corporations, and increased both the wage base and tax rate for the federal unemployment tax.


Related Terms

Federal Unemployment Tax Act -  More

Reaganomics -  More

Economic Recovery Tax Act of 1981 -  More

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