Our tax system will probably stay a clusterfuck for another 100 years, but we'll always have the Tax Reform Act of 1986! Today is the 27th birthday of the Act and judging by the political climate in DC, it'll have many more happy returns.
For anyone longing for resurrections of Ronald Reagan, Dan Rostenkowski or more radiant versions of Bob Dole or Charlie Rangel, this picture should do the trick:
Boy, Jack Kemp looks uncomfortable. And who is James Baker looking at? The oil and gas execs he shilled for? And do you think Robert Byrd dug out the three-piece just for this occasion?
As Joe Kristan notes, the law wasn't perfect "[b]ut at the time, it looked like a good start at much better tax policy. Now it looks like a high-water mark."