Timeline Wednesday 22 October 1986

Events on Wednesday 22 October 1986 1

• 1986 Tax Reform Act of 1986 Major overhaul of the US federal tax code The US Congress passed a sweeping reform of the federal income tax system, simplifying tax brackets and closing numerous loopholes. It was the most significant overhaul of the US tax code since World War II. President Reagan signed it into law after bipartisan negotiation.