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  • 22-11-2020
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What were the tax reform act of 1986 Basic law requirements?
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Need a solid answer one paragraph

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demiladeojo0
demiladeojo0 demiladeojo0
  • 22-11-2020

Answer:

The tax reform act of 1986 lowered the top tax rate for ordinary income from 50% to 28% and raised the bottom tax rate frlm 11% to 15%. The act mandated that capital gains be taxed at the same rate as ordinary income, raising the maximum tax rate on long term capital gains to 28% from 20%

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