Tax Equity and Fiscal Responsibility Act

The Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 aimed to increase tax fairness and improve fiscal responsibility in the U.S. government. It introduced measures to close tax loopholes, reduce tax evasion, and preserve revenue through tax reforms. TEFRA also made changes to Medicare and Medicaid, tightening eligibility and funding. Overall, the law sought to ensure that taxpayers contributed fairly while maintaining essential government programs, reflecting a balance between revenue generation and the need for social services.