Publisher's Synopsis
Excerpt from General Explanation of the Economic Recovery Tax Act of 1981 (H. R. 4242, 97th Congress, Public Law 97-34): December 29, 1981
The Act provides cumulative across-the-board reductions in indi vidual income tax rates of percent in 1981, 10 percent in 1982, 19 percent in 1983, and 23 percent in 1984 and subsequent years. These tax reductions will be re?ected in reductions in withholding on October 1, 1981, July 1, 1982, and July 1, 1983.
The top marginal tax rate is reduced from 70 percent to 50 percent beginning January 1, 1982. The maximum tax rate on long term capital gains is reduced to 20 percent for sales or exchanges after June 9, 1981.
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