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Kemp–Roth Tax Cut
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The federal law enacted by the 97th US Congress and signed into law by US President Ronald Reagan. The Accelerated Cost Recovery System (ACRS) was a major component of the Act and was amended in 1986 to become the Modified Accelerated Cost Recovery System (MACRS). Representative Jack Kemp and Senator William Roth, both Republicans, had nearly won passage of a tax cut during the Carter presidency, but Jimmy Carter feared an increase in the deficit and so prevented the bill's passage. Reagan made a major tax cut his top priority once he had taken office. The Democrats maintained a majority in the US House of Representatives during the 97th Congress, but Reagan was able to convince conservative Democrats like Phil Gramm to support the bill. The Act passed the US Congress on August 4, 1981, and was signed into law by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dan Rostenkowski
Daniel David Rostenkowski (January 2, 1928 – August 11, 2010) was a United States Representative from Chicago, serving for 36 years, from 1959 to 1995. He became one of the most powerful legislators in Congress, especially in matters of taxation. He was imprisoned in 1996. A Democrat and son of a Chicago alderman, Rostenkowski was for many years Democratic Committeeman of Chicago's 32nd Ward, retaining this position while also serving in Congress. In national politics, he rose by virtue of seniority to the rank of Chairman of the House Ways and Means Committee in 1981. As Chairman of the Ways and Means Committee, he played a critical role in formulating tax policy during the Republican administration of Ronald Reagan, including the Economic Recovery Tax Act of 1981, which cut the top federal bracket to 50%, and the Tax Reform Act of 1986, which further lowered it to 28% and reduced the number of brackets to only two. He was also involved in trade policy, as well as reform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
