The changes contained in the Tax Reform Act (TRA) of 1986 included

Question

Quizplus · Accepted Answer

The Tax Reform Act of 1986 is known for simplifying the tax code, which included lowering marginal tax rates for both individuals and corporations, broadening the tax base by eliminating many deductions and tax shelters, and aiming for revenue neutrality. It did not narrow the tax base, shift taxes from corporate to personal, or increase the number of tax brackets.

The Changes Contained in the Tax Reform Act (TRA) of 1986