Twenty-six years ago today, President Reagan signed a sweeping bipartisan tax reform that chopped the top individual income tax rate from 50% to 28%; curbed special deductions, exclusions and breaks; gave most families a tax cut; left the richest 1% paying a slightly higher share of taxes; and didn’t add to the deficit.
In short, the Tax Reform Act of 1986 did much of what Mitt Romney says he will do as president. Forbes’ Jane Novak lays out 10 reasons why Romney’s plan wouldn’t do what Reagan’s did.
