There's no evidence that TEFRA was "phased in" or that "warning" was given.http://en.wikipedia.org/wiki/Tax_Equity_and_Fiscal_Responsib...TEFRA was introduced November 13, 1981 and was sponsored by Representative Pete Stark of California. After much deliberation the final version was signed by President Ronald Reagan on September 3, 1982. It was almost a year before introduction, and when it was passed. The solution was to disallow big gobs of money to be put into life insurance policies. It didn't disallow existing policies.
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