Economic Recovery Tax Act of 1981

In essence this Act and the results it either produces or fails to produce will be a test of our free enterprise system. The Act, coupled with the administration's policy of deregulation and relaxing government controls of business, provides the opportunity business leaders have been looking for. A key to future economic health is the reduction of federal expenditures. If these cannot be curtailed, the combined effect of expenditures and reduced tax revenues on inflation will be disastrous.

If expenditures cannot be controlled, then taxes will have to be increased substantially in the not too distant future.