Reagan Signs TEFRA Reversing Much of ERTA - Largest Peacetime Tax Increase Raises $100 Billion After Revenue Collapse

On September 3, 1982, President Ronald Reagan signed the Tax Equity and Fiscal Responsibility Act (TEFRA) into law, reversing substantial portions of the Economic Recovery Tax Act he had signed just 13 months earlier. TEFRA raised nearly $100 billion in federal revenues through closure of tax …