Tax Reform Act of 1986
E50001
The Tax Reform Act of 1986 was a landmark U.S. federal law that overhauled the tax code by lowering rates, broadening the tax base, and eliminating many deductions and shelters.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
tax reform law → |
| affects |
alternative minimum tax
→
capital gains taxation → corporate income tax → corporate tax preferences → depreciation rules → individual income tax → itemized deductions → passive activity losses → tax shelters → |
| amends |
Internal Revenue Code of 1954
→
|
| associatedWith |
Reagan administration
→
|
| broadens |
tax base for corporations
→
tax base for individuals → |
| changes |
capital gains tax treatment
→
|
| considered |
landmark tax reform in the United States
→
|
| country |
United States
→
|
| creates |
Internal Revenue Code of 1986
→
|
| eliminates |
investment tax credit
→
many corporate tax shelters → many individual tax shelters → |
| enactedBy |
99th United States Congress
→
|
| increases |
personal exemptions
→
standard deduction → |
| introduces |
broader individual alternative minimum tax
→
|
| jurisdiction |
United States federal government
→
|
| legislativeProcess |
bipartisan negotiation in Congress
→
|
| limits |
itemized deductions
→
passive activity loss deductions → |
| longTitle |
An Act to reform the internal revenue laws of the United States
→
|
| modifies |
depreciation schedules
→
|
| policyGoal |
increase perceived fairness of the tax system
→
maintain overall federal revenue levels → reduce economic distortions from tax preferences → |
| policyType |
revenue-neutral tax reform
→
|
| primaryObjective |
broaden the tax base
→
eliminate many tax shelters → lower statutory tax rates → simplify the federal income tax code → |
| publicLawNumber |
Public Law 99-514
→
|
| reduces |
number of individual income tax brackets
→
|
| shortTitle |
Tax Reform Act of 1986
→
|
| signedBy |
Ronald Reagan
→
|
| signingDate |
1986-10-22
→
|
| topCorporateRateAfterReform |
34 percent
→
|
| topCorporateRateBeforeReform |
46 percent
→
|
| topIndividualRateAfterReform |
28 percent
→
|
| topIndividualRateBeforeReform |
50 percent
→
|
Referenced by (4)
| Subject (surface form when different) | Predicate |
|---|---|
|
99th United States Congress
→
|
enacted |
|
Low-Income Housing Tax Credit
→
|
enactedBy |
|
Reaganomics
→
|
implementedThrough |
|
Tax Reform Act of 1986
→
|
shortTitle |