Which of the following statements regarding the Economic Recovery Tax Act of 1982 is false?
A) Brought about the most significant cuts in individual income tax rates in recent U.S. history
B) Instituted a procedure to adjust tax brackets for the effects of inflation
C) Created new tax exempt certificates of deposit
D) Eliminated the tax deductibility of non-mortgage-related debt
E) Reduced gift and estate tax rates by about 20 percent
Correct Answer:
Verified
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