If it happened on Reagan’s shift, then he would have only signed it. A bill like that would have to be written by Congress. But I don’t remember when you could no longer write those off. You use to be able to write off uniform/business clothes costs as well. But each year the write off got smaller and smaller until no more.
Democrats controlled both Houses of Congress during the entire 8 years of Reagan.
Credit card interest was tax-deductible until Reagan’s Tax Reform Act of 1986, which removed that deduction from all consumer loans except mortgages. At the time, interest rates on credit cards were in the 19 percent range.
The top tax rate was lowered from 50% to 28% while the bottom rate was raised from 11% to 15% since many lower level tax brackets were consolidated, and the upper income level of the bottom rate was increased from $ 5,720/year to $ 29,750/year. This package ultimately consolidated tax brackets from fifteen levels of income to four levels of income. [1] This would be the only time in the history of the U.S. income tax (which dates back to the passage of the Revenue Act of 1862) that the top rate was reduced and the bottom rate increased concomitantly.
no
If it happened on Reagan’s shift, then he would have only signed it. A bill like that would have to be written by Congress. But I don’t remember when you could no longer write those off. You use to be able to write off uniform/business clothes costs as well. But each year the write off got smaller and smaller until no more.
Democrats controlled both Houses of Congress during the entire 8 years of Reagan.
Credit card interest was tax-deductible until Reagan’s Tax Reform Act of 1986, which removed that deduction from all consumer loans except mortgages. At the time, interest rates on credit cards were in the 19 percent range.
The top tax rate was lowered from 50% to 28% while the bottom rate was raised from 11% to 15% since many lower level tax brackets were consolidated, and the upper income level of the bottom rate was increased from $ 5,720/year to $ 29,750/year. This package ultimately consolidated tax brackets from fifteen levels of income to four levels of income. [1] This would be the only time in the history of the U.S. income tax (which dates back to the passage of the Revenue Act of 1862) that the top rate was reduced and the bottom rate increased concomitantly.
Nope, that would be the Congress who did that