Significant cuts in individual income tax rates as well accelerated depreciation allowances, inflation-adjusted tax rates and income tax deductions were accomplished for the first time in several years with the passage of the:

Question

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The Economy Recovery Tax Act of 1981 was significant for implementing major tax cuts, including reductions in individual income tax rates, accelerated depreciation allowances, and adjustments for inflation in tax rates and deductions.

Significant Cuts in Individual Income Tax Rates as Well Accelerated