What did the economic recovery tax act of 1981 do?
a.
increased taxes on businesses.
c.
decreased taxes for individuals and businesses.
b.
reduced the value added tax to 10%.
d.
placed a surcharge on the alternative minimum tax.

The correct answer is C. Decreased taxes for individuals and businesses.

Explanation:

The Economy Recovery Tax Act of 1981 was a tax cut signed by President Ronald Reagan with the purpose of promoting economic growth by reducing taxes for individuals, but also for business, although individuals received more benefits. Indeed through this act taxes were reduced from a 10% to a 20%; however, this did last long as in 1982 a new act nullified most of the points proposed in the act, mainly because of the risk for an economic deficit. Considering the previous ideas, it can be concluded the Economic Recovery Tax Act of 1981 mainly decreased taxes for individuals and businesses.

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