Please peer rewiev this and discuss: Choose post you disagree with, and provide constructive critique, supporting your opinion by researching a source to back it up.
This is post i choose
The 1970s was one of the toughest economic times in United States history. It was been dubbed "The Great Inflation" due to the stagnate economy and increasing inflation rate. "Stagflation" was a term penned to also describe the growing inflation rate and unemployment rate. In order to stimulate the economy and promote spending, President Ford went against his promise of increasing taxes and signed into law the Tax Reduction Act of 1975 on March 29, 1975. The tax act provided a 10% rebate on 1974 liabilities, capped at $200, and created a temporary $30 general tax credit to every taxpayer and their dependents. Also, the investment tax credit was temporarily increased to 10%. The standard deduction was raised to $1900 for joint filers for one year, along with a raise to the standard deduction to 16%. These tax credits were permanently added to the tax code in 1978 and are known today as EIC or Earned Income Credit. The result of the tax act resulted in a federal deficit of $53 billion dollars in 1975 and $73.7 billion dollars in 1976. This deficit was 3% of the GDP for fiscal year 1975 and almost 4% of the GDP for fiscal year 1976 with only an increase in GDP growth by approximately 1% for both years.
Please peer rewiev this and discuss: Choose post you disagree with, and provide constructive critique, supporting your opinion by researching a source to back it up.
This is post i choose
The 1970s was one of the toughest economic times in United States history. It was been dubbed "The Great Inflation" due to the stagnate economy and increasing inflation rate. "Stagflation" was a term penned to also describe the growing inflation rate and unemployment rate. In order to stimulate the economy and promote spending, President Ford went against his promise of increasing taxes and signed into law the Tax Reduction Act of 1975 on March 29, 1975. The tax act provided a 10% rebate on 1974 liabilities, capped at $200, and created a temporary $30 general tax credit to every taxpayer and their dependents. Also, the investment tax credit was temporarily increased to 10%. The standard deduction was raised to $1900 for joint filers for one year, along with a raise to the standard deduction to 16%. These tax credits were permanently added to the tax code in 1978 and are known today as EIC or Earned Income Credit. The result of the tax act resulted in a federal deficit of $53 billion dollars in 1975 and $73.7 billion dollars in 1976. This deficit was 3% of the GDP for fiscal year 1975 and almost 4% of the GDP for fiscal year 1976 with only an increase in GDP growth by approximately 1% for both years.
