Tax Reform Act

The Tax Reform Act, primarily enacted in 1986 in the United States, aimed to simplify the tax code, broaden the tax base, and eliminate many loopholes. It reduced the number of tax brackets and lowered tax rates for individuals and corporations, making it easier to file taxes. The Act also removed certain deductions and aimed to ensure a fairer tax system. By streamlining and modernizing tax regulations, it intended to make the system more efficient and equitable, ultimately encouraging economic growth while increasing government revenue.