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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