Birdwatch Note Rating
2023-11-20 16:23:09 UTC - HELPFUL
Rated by Participant: 5803BE12E943F360F3E4D9F71560F7EAC7C3B07A03BE7562304C4F1C1CA60856
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
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