(FORTUNE Magazine) – As millions of procrastinating Americans hunker down to do their taxes and Washington considers another round of tax reform, let's think back to a simpler era--1986. Michael Jordan won his first hoops scoring title, Springsteen was the undisputed boss of rock & roll, the Soviet Union still existed--and Congress passed the last major tax overhaul. The reform broadened and simplified the system by closing loopholes, cutting top rates, and eliminating brackets. Despite generally good reviews, Congress could not resist the urge to meddle. Ever since, there has been complexity creep, with higher rates, more brackets, more loopholes, and a migraine-inducing mix of phase-ins, phase-outs, sunsets, and sunrises.

At least the tax preparers are happy. The numbers speak for themselves. -- Peronet Despeignes