Birdwatch Note Rating
2023-11-20 11:10:42 UTC - HELPFUL
Rated by Participant: F0080B239C1461BFBF796CFDAC265EB4929B36385DF599569961B455D199A079
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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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