Tax Reform Act of 1976

The Tax Reform Act of 1976 was a significant U.S. federal law aimed at simplifying the tax code and addressing tax equity. It introduced changes like adjusting tax brackets for inflation and revising rates for individuals and corporations to make the system fairer. The Act also aimed to eliminate loopholes and reduce tax shelters, ensuring that more people paid their fair share. Overall, it was intended to streamline taxation, promote equity, and enhance government revenue by making the tax system more transparent and effective.