Birdwatch Note Rating
2023-11-20 12:35:51 UTC - HELPFUL
Rated by Participant: FFFD3A21E2125A4BAD76FEDE6F9EFA8B63F68898B59515FB49A02C728958A0E3
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