With President Trump now talking about overhauling the tax code, it's worth reflecting on the last time Congress revamped the system: the Tax Reform Act of 1986.
That bill's success relied on a clear set of principles, a committed president, an effective Treasury secretary, bipartisan support and congressional committee chairmen willing to put their reputations on the line. Few of those pieces seem in place today, and the Trump administration hasn't even begun to face the trade-offs necessary to cut rates without increasing the deficit or widening the gap between rich and poor. But perhaps the lessons of the past show a way forward.
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