Happy Anniversary! The Tax Reform Act of 1986 Turns 27, Underscoring the Need for Another Overhaul of the US Tax Code
US President Ronald Reagan signs the Tax Reform Act of 1986 Last week taxpayers saw some of the worst of what happens when elected officials in Washington come together and make bad deals out of bad situations, harming taxpayers as opposed to providing solutions. October 22nd, 2013 is the 27th anniversary of the Tax Reform Act of 1986 and there is no better time to discuss this landmark legislation and how the current class of lawmakers can learn from the example of tax reform set nearly three decades ago. The Tax Reform Act of 1986 was the last comprehensive restructuring of the tax code in United States history. Among the noteworthy accomplishments of the 1986 reform was that Democratic House Speaker Tip O’Neil, and a Republican President, Ronald Reagan, negotiated the bill. The bipartisan act did several things to alter the tax code.