Among the key initiatives scheduled to be taken up by Congress and the executive branch this year is tax reform.
While most people have been in favor of making the US tax code "better," it has been a very difficult task to accomplish.
In fact, the last significant tax reform package passed at the Federal level was in 1986, during the Reagan administration, with bipartisan support. (The Tax Reform Act of 1986 lowered the top tax rate from 50% to 28% and raised the lowest tax bracket from 11% to 15%. The number of individual tax brackets was eventually reduced to two, and many deductions were eliminated. Corporate tax rates were reduced from 46% to 34%.)
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