Birdwatch Note Rating
2023-11-20 15:41:21 UTC - HELPFUL
Rated by Participant: A10C49952AE2759FE511479B692CA52750F87FADCE430BDC64C2A03E063BEDAD
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