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Fiscal Responsibility Act (other)
Fiscal Responsibility Act may refer to: *Tax Equity and Fiscal Responsibility Act of 1982, an Act of the 97th United States Congress * Fiscal Responsibility Act of 2007, a proposed Act of the 110th United States Congress * Fiscal Responsibility Act 2010, an Act of the United Kingdom Parliament * Fiscal Responsibility Act of 2023 On January 19, 2023, the United States hit its United States debt ceiling, debt ceiling, leading to a debt-ceiling crisis, part of an ongoing political debate within United States Congress, Congress about United States federal budget, federal ..., an Act of the 118th United States Congress * Fiscal Responsibility and Budget Management Act, 2003, an Act of the Parliament of India {{disambig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Equity And Fiscal Responsibility Act Of 1982
The Tax Equity and Fiscal Responsibility Act of 1982 (), also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping back into recession (the second dip of the "double dip recession") and Kemp-Roth's reduction in tax rates, and the deficit was likewise rising rapidly because of the fall in revenue and the rise in government expenditures. The rapid rise in the budget deficit created concern among many in Congress. TEFRA was created to reduce the budget gap by generating revenue through closure of tax loopholes; introduction of tougher enforcement of tax rules; rescinding some of Kemp-Roth's reductions in marginal personal income tax rates that had not yet gone into effect; and raising some rates, especially corporate rates. TEFRA was introduced November 13, 1981 and was sponsored ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Responsibility Act Of 2007
The Fiscal Responsibility Act of 2007 () was introduced to the United States Congress by Rep. Nathan Deal of on January 16, 2007. Legislative overview The bill, which had eight co-sponsors, was referred to the House Administration Committee and the House Oversight and Government Reform Committee. Its primary purpose was to provide members of Congress with a personal financial incentive to curb the federal government's budget deficits. The proposed legislation gained endorsements from the American Conservative Union and Downsize DC, reflecting support from fiscal conservative groups. Provisions of the Act Under the bill, the pay of members of Congress would have been docked in years when the federal government ran a budget deficit. Key details of the proposed pay adjustments included: * A 5% salary reduction in the year following any deficit, based on pay rates from two years prior. * Progressive reductions of up to 10% for consecutive years of deficits. * Restoration of sal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Responsibility Act 2010
The Fiscal Responsibility Act 2010 (c.3) is an Act of the Parliament of the United Kingdom that received Royal Assent on 10 February 2010. The Act was repealed by section 10(c) of the Budget Responsibility and National Audit Act 2011 on 23 March 2011. It was first presented (first reading) in the House of Commons on 10 December 2009 and received its third reading on 20 January 2010. It was first read in the House of Lords The House of Lords is the upper house of the Parliament of the United Kingdom. Like the lower house, the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. One of the oldest ext ... on 21 January 2010 and received its second and third readings on 10 February 2010. References United Kingdom Acts of Parliament 2010 {{UK-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Responsibility Act Of 2023
On January 19, 2023, the United States hit its United States debt ceiling, debt ceiling, leading to a debt-ceiling crisis, part of an ongoing political debate within United States Congress, Congress about United States federal budget, federal government spending and the National debt of the United States, national debt that the U.S. government accrues. In response, Janet Yellen, the United States secretary of the treasury, secretary of the treasury, began enacting temporary "extraordinary measures". On May 1, 2023, Yellen warned these measures could be exhausted as early as June 1, 2023; this date was later pushed to June 5. The debt ceiling had been increased multiple times through December 2021 since the 2013 United States debt-ceiling crisis, 2013 debt-ceiling standoff, each time without budgetary preconditions attached. In the 2023 impasse, Republicans proposed cutting spending back to 2022 levels as a precondition to raising the debt ceiling, while Democrats insisted on a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
