> (It also lowered the top tax rate from 50% to 28%, and raised the bottom tax rate from 11% to 15%, so it wasn't a complete win). The Tax Reform Act of 1986 a

> (It also lowered the top tax rate from 50% to 28%, and raised the bottom tax rate from 11% to 15%, so it wasn't a complete win). The Tax Reform Act of 1986 also eliminated a ton of shenanigans that sophisticated taxpayers could play with income and expenses. For example, prior to the reform you could write off any interest expense against your income. So, you could borrow money to invest in long-term investments and then deduct the interest expense against your current employment income. There were investment products that were essentially just buying a tax deduction. The reforms shut all of that down.