: This major overhaul simplified the income tax code, eliminated many tax shelters, and significantly changed tax brackets for American individuals and corporations. Cultural and Technological Shifts Chernobyl Accident 1986 - World Nuclear Association

: Earlier that year, on January 28, the U.S. Space Shuttle Challenger disintegrated 73 seconds after liftoff, resulting in the death of all seven crew members, including teacher Christa McAuliffe.

: The United Nations proclaimed 1986 as the International Year of Peace to promote worldwide adherence to the Declaration of Human Rights. Legislative and Social Milestones