How Do You Spell TAX EQUITY AND FISCAL RESPONSIBILITY ACT?

Pronunciation: [tˈaks ˈɛkwɪti and fˈɪskə͡l ɹɪspˌɒnsəbˈɪlɪti ˈakt] (IPA)

The Tax Equity and Fiscal Responsibility Act is a U.S. law passed in 1982. The spelling of this phrase can be tricky due to the various blends and consonant clusters used. Using the International Phonetic Alphabet (IPA), the word can be transcribed as /tæks/ /ˈɛkwəti/ /ænd/ /ˈfɪskəl/ /rɪˌspɒnsəˈbɪlɪti/ /ækt/. The IPA helps to understand the pronunciation of each individual sound and how they come together to form the word.

TAX EQUITY AND FISCAL RESPONSIBILITY ACT Meaning and Definition

1. The Tax Equity and Fiscal Responsibility Act (TEFRA) is a United States federal law enacted in 1982. It was designed to address the growing concerns regarding the national deficit and to achieve a fairer tax system by promoting greater tax equity and fiscal responsibility.

   TEFRA aimed to reduce the federal budget deficit by imposing higher taxes and reducing certain tax deductions and loopholes. The Act introduced significant changes to the federal tax code, including provisions related to individual and corporate income taxes, estate taxes, and social security taxes.

   One of the key aspects of TEFRA was the establishment of a phased-in increase in the social security payroll taxes. The Act increased the maximum limit of earnings subject to the social security tax and gradually raised the tax rate over a period of several years. This was done to ensure the long-term solvency of the social security program.

   Furthermore, TEFRA implemented various provisions to limit tax shelters and tax avoidance strategies. It placed restrictions on certain deductions, such as passive activity losses and real estate tax shelters, to prevent taxpayers from reducing their overall tax liability through such schemes.

   Overall, the Tax Equity and Fiscal Responsibility Act sought to achieve a more balanced and fairer tax system by reducing tax loopholes, increasing tax revenues, and promoting fiscal responsibility. Through its provisions, TEFRA aimed to address concerns related to the national deficit and promote greater accountability in the nation's financial management.

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