Which U.S. president signed the Tax Reform Act of 1986 into law?

U.S. president Ronald Reagan signed the Tax Reform Act of 1986 into law.

The act was a major overhaul of the United States federal income-tax system. Reagan signed it on October 22, 1986, after negotiations involving the administration and Congress. Its central goals included lowering statutory tax rates, broadening the tax base, and reducing the number of special deductions and preferences.

The law reduced the number of individual income-tax brackets and lowered the top marginal individual rate from 50 percent to 28 percent. It also increased the standard deduction and personal exemption, while changing rules affecting businesses, passive losses, and depreciation. Some provisions raised revenue to offset the cost of rate reductions.

The act is often associated with Reagan’s supply-side economic agenda, but it passed with substantial bipartisan support. It should not be confused with the Economic Recovery Tax Act of 1981, another major Reagan-era tax law that primarily focused on reducing rates and encouraging investment.