Tax Reformation Common Ground

The US tax policy is very confusing. When the tax policy was first written in 1913, it was 400 pages. Today, over the past 91 years, the tax policy has grown to over 72,000 pages. As the tax law became very long and almost impossible to understand, the theme of tax reform was a lot of people's idea. However, the tax season was hardly considered before the tax season. This is a controversial topic due to the impact of tax law changes on people in the United States.

Modern tax laws are often expressed as complicated tax reform common to politicians. For example, Ronald Reagan and Congress reformed the tax law twice in 1981, once in 1981, once in two years during his tenure. His reform brought about the greatest reduction in American history at the time. Although he was not the first or last person to amend the tax law (most recent presidents tried to amend the tax law in some way, but before and after him), his tax reform looks historical It was done. Recently, Bill Clinton lowered the taxation of the middle class in the 1990s, and in 2001 George W. Bush implemented a large tax reduction on all incomes. These reforms reduced taxes, but this issue has become a common topic among politicians as it does not significantly simplify the tax law.

For the 2 nd century, tax reform was a joint effort of both parties. When Ronald Reagan announced historical tax cuts and tax cuts in 1981 and 1986, the Democratic Party took part. Indeed, Democratic Party Theo O'Neill is the House of Representatives Chairman. In 1986, one of the leaders was Liberal Democratic Bill Bradley from New Jersey.

President Reagan signed the 1986 Tax Reform Act on October 22, 1986. This is one of the most extensive reforms in the US tax system since the introduction of income tax. The maximum rate of personal income tax has dropped from the lowest 50% to 28% since 1916. Tax incentives were eliminated to cover most revenues. In this bill, it is required to increase the business tax by 120 billion dollars in order to maintain income neutrality, and correspondingly lower the personal tax for five years.