Saturday, October 22, was the 30th anniversary of the Tax Reform Act of 1986 (see 10/18/16 post). My class enjoyed a “Happy anniversary TRA86” cake!
TRA86 represented a lot of changes that mostly broadened the base and lowered rates. When President Reagan signed the bill, he had lengthy remarks including this statement:
Despite lots of hearings, reports, proposals and discussion on tax reform, the last major reform to our federal tax system was signed into law as the Tax Reform Act of 1986 on October 22, 1986. Thus, its 30th anniversary is October 22, 2016!
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