Final answer:
The Tax Equity and Fiscal Responsibility Act (TEFRA) was implemented in 1982 as part of President Reagan's tax reform efforts.
Step-by-step explanation:
The Tax Equity and Fiscal Responsibility Act (TEFRA) was implemented in 1982. After President Reagan's inauguration, he advocated for changes in the tax code, resulting in the enactment of the Economic Recovery Tax Act in 1981 which substantially reduced tax rates. TEFRA was part of Reagan's broader tax reform efforts which also included the noteworthy Tax Reform Act of 1986, a comprehensive law that simplified the tax code, eliminated certain tax shelters, reduced the top tax rates for wealthy individuals, and raised the minimum tax rate.