The Tax Reform Act of 1986 called for lower tax rates but smaller and fewer deductions.

Name: The Tax Reform Act of 1986 called for lower tax rates but smaller and fewer deductions.
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This is a true statement. The Tax Reform Act of 1986 was passed with the intention of simplifying the tax code by lowering tax rates and eliminating many deductions and loopholes. The standard deduction was increased and several tax credits were added to offset the elimination of certain deductions.

The Tax Reform Act of 1986 Called for Lower Tax