The Tax Reform Act of 1986 was a major overhaul of the U.S. tax code that sought to simplify the tax system and reduce the tax burden on individuals and businesses. The Act lowered individual income tax rates, increased the standard deduction, and eliminated many deductions and exemptions. It also reduced
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The Tax Reform Act of 1986 (TRA) was passed by the 99th United States Congress and signed into law by President Ronald Reagan on October 22, 1986.