Which of the following was NOT a consequence of the Revenue Act of 1964?

The Revenue Act of 1964 aimed to stimulate the economy by implementing significant tax cuts. While it did lead to a reduction in individual and corporate tax rates, this initially resulted in a decrease in government revenue rather than an immediate increase. The idea behind the tax cuts was to encourage spending and investment, which would eventually lead to economic growth and increased revenue over time, but this growth was not immediate.

In contrast, the act did contribute to reduced budget deficits as the economy began to grow, increased consumer confidence as people found themselves with more disposable income due to lower taxes, and ultimately growth in the national economy as consumer spending and investment increased over time. This longer-term impact aligns with the economic theories prevalent at the time, emphasizing the idea that lower taxes would lead to greater overall economic activity.