BY MATTHEW COOPER
IT WAS A rare moment of optimism in Washington— and one that both parties could enjoy.
On a crisp fall day in 1986, President Ronald Reagan sat at a desk on a stage on the White House’s South Lawn and signed a historic bill that changed the American tax code. Among its biggest backers: New Jersey Senator Bill Bradley, a Democrat, and New York Representative Jack Kemp, a Republican. Remarkably, the bipartisan law accomplished what lawmakers on the left and right had long advocated—eliminating crazy deductions and using that money to lower tax rates. “Millions of working poor will be dropped from the tax rolls altogether,” Reagan said. “We’re going to make it economical to raise children again. Flatter rates will mean more reward for that extra effort, and vanishing loopholes and a minimum tax will mean that everybody and every corporation pay their fair share.”