Deficit Reduction Act of 1984


Deficit Reduction Act of 1984

Legislation in the United States that closed some loopholes and eliminated some taxes, but for the most part increased American tax levels. Among other provisions, the Act did this by increasing the number of years over which some assets are depreciated, ending the net interest exclusion up to $900, and established stricter rules for income averaging. Its name in the House of Representatives was the Tax Reform Act of 1984.