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Message:: [QUOTE="medoraman, post: 1029269, member: 26302"]Just a few corrections for the record. The Tax Reform Act of 1986 is what I believe you are referring to. It took away some personal deductions but the only real business deduction disallowed was meals and entertainment, which I believe most would agree was abused. Personal deduction of many things was taken away, but why should we be subsidizing interest expense for cars and credit cards for people? I would say it didn't go far enough. As for "Reagan's Tax increase", remember that the Democrats controlled both houses by large margins. Reagan was in the White House but could not dictate tax policy to the Democrats. It was different 4 years later under Bush who agreed with the tax increases, Reagan didn't. Even so, at teh end of Reagan's 8 years in office taxes were MUCH lower than they were under the Carter administration. You call the tax increase the largest in history, (it wasn't), well his tax decrease 5 years earlier was the largest tax decrease in history. The yacht tax was not in 1986 but later. That was "punishment" of the rich by Congress thinking it would simply make the rich pay more for yachts. Instead it destroyed thousands of blue collar jobs, while the rich bought their yachts elsewhere. I know this history well Gary, if you wish to debate it. I had to study a lot of it for my CPA license.[/QUOTE]