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October 22, 2007

October 22, 1986: President Reagan signs the Tax Reform Act of 1986.

We can't let the anniversary of the Tax Reform of 1986 pass unnoticed today. It's hard to believe that in our lifetimes we had a 28% top rate while somehow doing without seven separate tax breaks for higher education, no domestic production deduction, and no ethanol or biodiesel credits.

Charles Rangel is about to spring a "reform" effort on us, purportedly to get rid of the alternative minimum tax. I'll take bets that the top Rangel rate will exceed 28%.

Meanwhile, celebrate the 21st birthday of the Internal Revenue Code of 1986 in your own way.

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