What did the 1986 Tax Reform Act do?

A) It expanded the number of tax brackets.
B) It closed many loopholes and tax shelters.
C) It dramatically cut taxes for the rich.
D) It offered new opportunities for corporate profiteering.

Tax Reform Act

Legislation aimed at altering tax policies, often seeking to adjust rates, broaden the tax base, or simplify the tax code. Specific acts by this name have been enacted in various years in different countries.

Tax Shelters

Financial arrangements made to minimize or avoid taxes through legal means.

Loopholes

Provisions in laws that allow people to avoid their intent, often used to evade regulations or taxes without technically breaking the law.