The Economic Recovery Tax Act (ERTA) was a significant piece of tax legislation enacted in 1981, aimed at stimulating the economy through tax cuts and incentives. It included provisions for both individuals and businesses, introducing nonrefundable personal credits to help reduce taxpayers' overall liability. By targeting both consumer spending and investment, ERTA sought to spur economic growth during a period of recession and high inflation.
congrats on reading the definition of Economic Recovery Tax Act. now let's actually learn it.