Tax Equity And Fiscal Responsibility Act Of 1982 (TEFRA)

The Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) is federal tax legislation passed in 1982 to increase revenue in the country through a combination of federal spending cuts, tax increases, and reform measures. The legislation modified some aspects of the Economic Recovery Tax Act of 1981 (ERTA). Both of these pieces of tax legislation took place during the Reagan Presidency.