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Tax Reform Act (US)
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A US federal statute of 1986 reforming the federal tax system. The purpose of the act was to simplify the US income tax code, broaden the tax base, and eliminate many tax shelters and other preferences. The notable features were a reduction in the top rate of tax from 50 per cent to 28 per cent accompanied by an increase in the bottom rate from 11 per cent to 15 per cent.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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