Birdwatch Note Rating
2023-11-20 17:30:12 UTC - HELPFUL
Rated by Participant: BC3D671E5D2C2689D095DBA79F5D03CD7FE9FD1A84787B5FEA71FC40E5E38908
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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