Tax Equity and Fiscal Responsibility Act of 1982
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'The Tax Equity and Fiscal Responsibility Act of 1982', a United States federal law, rescinded some of the effects of the huge Kemp-Roth Tax Cut passed the year before.
The scheduled increases in accelerated depreciation deductions were repealed, a 10 percent withholding on dividends and interest paid to individuals was instituted, and the Federal Unemployment Tax Act wage base and tax rate was increased.
President Reagan agreed to the tax hikes on the promise from Congress of a $3 reduction in spending for every $1 increase in taxes. The promised spending reductions never occurred.
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