Birdwatch Note Rating
2023-11-20 17:15:51 UTC - HELPFUL
Rated by Participant: 6CC8617AEFC238543778C21C8850A9583C795198160F523E5B0720CE59B86E55
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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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