by Congressional Research Service, Library of Congress in [Washington, D.C.] .
Written in English
|Statement||by Walter W. Eubanks|
|Series||Major studies and issue briefs of the Congressional Research Service -- 1988-89, reel 11, fr. 0950|
|Contributions||Library of Congress. Congressional Research Service|
|The Physical Object|
|Pagination||iii, 19 p.|
|Number of Pages||19|
The Tax Reform Act of is a law passed by the United States Congress to simplify the income tax code. To increase fairness and provide Author: Julia Kagan. The US Tax Reform Act of is Known as "The Second Regan Tax Cut." What is the US Tax Reform Act of ? (US Only) The Tax Reform Act of is US Federal legislation that made comprehensive changes in the US system of taxation for individuals and Act was passed by the US Congress, in October , following a request from President Regan and the Treasury . Alternative Title: TRA. Tax Reform Act of , the most-extensive review and overhaul of the Internal Revenue Code by the U.S. Congress since the inception of the income tax in (the Sixteenth Amendment). Its purpose was to simplify the tax code, broaden the tax base, and eliminate many tax shelters and preferences. attributable to the act is from zero to percentage point in , and is effectively zero in LONG-TERM EFFECTS OF THE TAX REFORM ACT Apart from its impact during the first few years after enactment, the Tax Reform Act can be expected to .
Tax Reform Act of The Tax Reform Act of ( Stat. , 26 U.S.C.A. §§ 47, ) made major changes in how income was taxed. The act either altered or eliminated many deductions, changed the tax rates, and eliminated several special calculations that had been permitted on the basis of marriage or fluctuating income. General Explanation of the Tax Reform Act of , Pub. L. ; 99th Cong., H.R. (JCS) Transfers of intangibles to related parties (sec. of the Act and secs. , , and of the Code) fn16 Prior Law and Background In general A U.S. taxpayer may transfer intangibleFile Size: 39KB. 2. Rates for capital gains. ( Act, § ). The Act effectively repeals the alternative tax of old Code § Thus, net capital gain will be taxed at regular corporate rates (generally a maximum of 34 percent). The conference report specifically states that the current statutory structure for . The Tax Reform Act of , which was signed into law twenty years ago this month, was considered at the time one of the most significant pieces of legislation ever passed. The fact that Congress went against the wishes of powerful lobbyists in overwhelmingly passing such legislation was seen as a triumph of the American : Andrew Chamberlain.
Tax Reform Act of put in place the most sweeping revision in the his-tory of tax law. It provides for major reductions in the top tax rate for indi-viduals and corporations; the individ-ual top rate for will be the lowest since It reverses a year erosion in the tax burden of cor-porations. It File Size: 2MB. The Tax Reform Act of was a landmark law. It affected every American family, every American business. It significantly reduced taxes for individuals. It eliminated many tax benefits for special interests. The tax reform leveled the playing field. No longer could a wealthy individual escape taxes by buying into a shelter. No longer. At the onset of the Tax Reform Act, market interest rates were % (FHLMC data for ). Just prior to the implementation of the Tax Reform Act of , market rates had fallen to %. From to the ACRS class life ratcheted upward from 15 to 19 years thereby reducing theFile Size: 33KB. Corporate Business Activity Before and After the Tax Reform Act of by Patrick J. Wilkie, James C Young, and Sarah E. Nutter T he Tax Reform Act of (TRA 86) marked an' important shift in Federal income tax policy. While previous tax acts provided incentives or disincentives for various business activities and industries.