UNITED STATES TAX EQUITY AND FISCAL RESPONSIBILITY ACT Meaning and
Definition
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The United States Tax Equity and Fiscal Responsibility Act (TEFRA) is a federal law enacted in 1982 that aimed to address fiscal responsibility and tax equity issues in the United States. TEFRA primarily focused on reducing the budget deficit and ensuring fair taxation by implementing several significant changes to tax laws and policies.
Under TEFRA, various tax provisions were introduced to generate additional revenue and reduce excessive tax loopholes. These provisions included the elimination of certain tax deductions, credits, and exemptions, as well as the introduction of stricter taxation rules for certain types of income.
Additionally, TEFRA established the Medicare Catastrophic Coverage Act, which aimed to provide improved healthcare coverage for senior citizens and individuals with disabilities. This act added various taxes on Medicare-covered services and expanded the program's coverage to include prescription drugs.
Moreover, TEFRA introduced reforms in the handling of taxes for partnerships and other pass-through entities. It established guidelines for the taxation of income earned through these entities and introduced new rules for partnership audits and adjustments.
TEFRA has had a significant impact on the U.S. tax system, as it implemented various provisions that sought to improve fiscal responsibility and tax equity. While the law has undergone modifications in subsequent years, TEFRA remains an important landmark legislation in the realm of tax policy in the United States.
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