Twenty years ago, President Reagan signed an amazing piece of legislation, the Tax Reform Act of 1986. It rid the income tax of many loopholes, shut down the flourishing tax shelter industry, and made taxes simpler and fairer for tens of millions of Americans. Now we need another tax reform miracle--even more than we did in 1986. The problems of 1986--tax sheltering, tax evasion, and the belief that the tax system is unfair--exist to some extent today, but the real motivation for the Tax Reform Act of 2010 is a tax and budget tsunami about to hit our shores.
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