Tax Reform: Then & Now

While conversations about taxes in the United States go all the way back to the Boston Tea Party, the last 50 years have seen an abundance of tax reforms from both political parties. And since the last year has seen two of the most substantial tax changes in modern history, we’ve compiled some information and tools to help you understand the implications of these changes on you and your business.

Scroll below to see the tax reform changes over the past 50 years

1960 - 1980

Higher Tax Rates

Throughout these years, tax rates were higher than we’re used to now. In fact, the highest income tax rate in 1980 was 70 percent.

1986

Tax Reform Act of 1986

The Tax Reform Act of 1986 simplified the tax code, reduced tax brackets and lowered income taxes.

2001

Economic Growth & Tax Relief Act

The Economic Growth and Tax Relief Act provided for increased tax-deductible contributions to IRAs, a higher child tax credit and reduced tax rates, among other provisions.

2013

Increased Taxes

A combination of the country’s fiscal cliff, tax laws and the Affordable Care Act increased taxes. The maximum federal income tax rate was 43.4 percent.

2017

Doubled the Standard Deduction Amount

The Tax Cuts and Jobs Act nearly doubled the standard deduction amount while placing limitations on some itemized deductions.

2018

Sales Taxes

Impacting online retailers, a new Supreme Court ruling determined that states can require online merchants to collect sales taxes even if the merchant doesn’t have a physical presence there.

Equipping You with Tax Resources

At 1-800Accountant, we are dedicated to helping your company succeed. Our online resources offer information on the ins and outs of being a business owner. And, don’t forget our team is always just a phone call away.

Trump’s Tax Plan

Trump’s Tax Plan White Paper

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Industry Specific Tax Calculator

Industry Specific Tax Calculator

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Industry Specific Tax Deductions White Paper

Industry Specific Tax Deductions White Paper

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Taxes are complicated. Let one of our experts help you navigate the tax code.