Question

What were the tax reform act of 1986 Basic law requirements?

*NEED HELP ASAP*
Need a solid answer one paragraph

Answer 1

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%