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Which statement is true?
A) The Kemp-Roth Tax Cut of 1981 and the Tax Reform Act of 1986 both lowered federal personal income tax receipts.
B) The Kemp-Roth Tax Cut of 1981 and the Tax Reform Act of 1986 raised federal personal income tax receipts.
C) The Kemp-Roth Tax Cut of 1981 raised federal personal income tax receipts while the Tax Reform Act of 1986 lowered them.
D) The Kemp-Roth Tax Cut of 1981 lowered federal personal income tax receipts while the Tax Reform Act of 1986 raised them.
Tax Reform Act
Legislation aimed at revising and simplifying the tax code, often including changes to tax rates, deductions, and credits.
Kemp-Roth Tax Cut
A significant federal tax reduction in the US that was passed in 1981, aimed at encouraging economic growth by reducing individual income tax rates.
Federal Personal Income Tax
A tax levied by the U.S. federal government on the annual income of individuals, with rates varying based on income level.
- Analyze the effects of specific tax laws and reforms on tax revenue.
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Learning Objectives
- Analyze the effects of specific tax laws and reforms on tax revenue.
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