Legislative Background on Tax Reform
Recent Action in the Congress on Changes in the Tax Code
Although the last comprehensive tax overhaul, the Tax Reform Act of 1986, was sponsored by Democrats — Ways and Means Chair Dan Rostenkowski (IL), Representative Richard Gephardt (MO), and Senator Bill Bradley (NJ) — it had broad bipartisan support and ultimately passed the Senate 74 to 23 and the House 292 to 136. Signed into law by President Reagan, the bill was designed to be revenue-neutral — that is, neither increasing nor decreasing tax revenues. It eliminated many loopholes and deductions and lowered individual and corporate tax rates. Tax Cuts and Jobs Act of 2017. On November 2, the House Ways…
