Economic Recovery Tax Act of 1981

Exploring the Essential Primary Sources
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70 Economic Recovery Tax Act of 1981
70 Economic Recovery Tax Act of 1981
https://doi.org/10.3735/9781968349172.book-part-70

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Abstract

By the 1970s, the U.S. tax code had grown extraordinarily complex with a top tax rate that required the nation's top earners to pay 70 percent of their income in taxes (the rate had been reduced from 77 percent in 1965). Other income tax rates were also relatively high, with the tax rate for the average American household in 1980 about 19–20 percent. Many Americans sought ways to hide income or utilize tax breaks to avoid paying the high taxes.

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