The Income Tax Act of 1986, Supported by the Reagan

Multiple Choice

The Income Tax Act of 1986, supported by the Reagan administration,

A) raised tax rates significantly for corporations and for capital gains.
B) lowered the lowest taxable income rate from 30 percent to 10 percent.
C) was a significant attempt to solve the problem of a huge federal deficit by increasing the taxes of those most able to afford them.
D) lowered tax rates significantly for corporations and the wealthy.