Birdwatch Note Rating
2023-11-20 13:26:57 UTC - HELPFUL
Rated by Participant: 1B9DE2C9F703CA363BBD18C51C6DD08448518E692CFD31B6FED6BC645DFD7374
Participant Details
Original Note:
Tax cuts were offset by rises in VAT from 8% to 15%, petroleum taxes, and excise duty raises. High inflation pushed people into higher tax brackets leaving personal income taxes roughly constant. The real value of taxes rose by 7.5%, helping trigger a recession. https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/1982/br82mjsm.pdf
All Note Details