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Period: to
1st Session
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Major Event Inauguration of President Ronald Reagan and Vice President George Bush
The first inauguration of Ronald Reagan as the 40th President of the United States .The inauguration marked the commencement of the first four-year term of Ronald Reagan as President and George H. W. Bush as Vice President. -
Major Event : Iran hostage crisis ended
a diplomatic crisis between Iran and the United States where 52 Americans were held hostage for 444 days from November 4, 1979 to January 20, 1981, after a group of Islamist students and militants took over the American Embassy in Tehran in support of the Iranian Revolution. -
Major Event – Reagan assassination attempt
President Reagan and three others were shot and wounded by John Hinckley, Jr. Reagan suffered a punctured lung, but prompt medical attention allowed him to recover quickly. -
Major Event – First space shuttle launched
returned to Earth on 14 April, having orbited the Earth 37 times during the 54-hour mission. It was the first American manned space flight since the Apollo-Soyuz Test Project on 15 July 1975. -
Major event – First recognized case of AIDS
AIDS was first recognized by the U. S. Centers for Disease Control and Prevention in 1981 and its cause, HIV, identified in the early 1980s. -
Omnibus Budget Reconciliation Act of 1981
Gross income eligibility standard set at 130% of poverty line for all households excepting those containing elderly or disabled members which continue to use net income. -
Economic Recovery Tax Act of 1981
Included in the act was an across-the-board decrease in the marginal income tax rates in the U.S. by 23% over three years, with the top rate falling from 70% to 50% and the bottom rate dropping from 14% to 11%. This act slashed estate taxes and trimmed taxes paid by business corporations by $150 billion over a five year period -
Period: to
2nd Session
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Tax Equity and Fiscal Responsibility Act of 1982
As a result of ongoing recession, a short-term fall in tax revenue generated concern over the budget deficit. TEFRA was created in order to reduce the budget gap by generating revenue through closure of tax loopholes and introduction of tougher enforcement of tax rules -
Bus Regulatory Reform Act
To ensure the interests of all these parties have been well served has required the highest degree of skillful negotiation and a willingness on the part of all to reach legitimate compromises. -
Job Training Partnership Act of 1982
The law was the successor to the previous federal job training legisltion, the Comprehensive Employment and Training Act (CETA). It was repealed by the Workforce Investment Act of 1998 during the Clinton administration. -
Garn–St. Germain Depository Institutions Act
an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. It is disputed whether the act was a mitigating or contributing factor in the savings and loan crisis of the late 1980s -
Surface Transportation Assistance Act
The legislation was championed by the Reagan administration to address concerns about the surface transportation infrastructure (highways and bridges). comprehensive transportation funding and policy act of the United States Federal Government. -
Nuclear Waste Policy Act
During the first 40 years that nuclear waste was being created in the United States, no legislation was enacted to manage its disposal. Nuclear waste, some of which remains dangerously radioactive with a half-life of more than one million years
