The Soviet Union collapses with Gorbachev’s resignation in December 1991. The Commonwealth of Independent States, a weak confederation of former Soviet republics, takes its place. Led by Boris Yeltsin, the Commonwealth allows for independence and autonomy of its member countries.
Ronald Reagan signed the Economic Recovery Tax Act, a major tax-reform bill based on “supply side economics,” cutting taxes and regulations. The act implemented an across-the-board tax cut for individuals, reduced the maximum income tax rate, lowered capital gains and estate taxes, and expanded individual retirement accounts.
The Fair Housing Amendments Act of 1988 amended the Fair Housing Act of 1968 (which prohibited housing discrimination based on race, color, religion, sex, and national origin). The 1988 law extended protections to families with children and those with disabilities, and established harsher penalties for violation.
Built as a divider between East and West Berlin by the Communist East German government in 1961, the Berlin Wall was torn down. The destruction of the wall signifyed the fall of the “iron curtain” and symbolized the end of the Cold War.
Appointed by President Reagan, Sandra Day O’Connor became the first female United States Supreme Court justice.
When she was picked as a running mate by Democratic presidential nominee Walter Mondale, Geraldine Ferraro became the first woman nominated for vice president by a major political party.
Ronald Reagan and Soviet leader Mikhail Gorbachev met to discuss arms reduction, human rights, and diplomatic relations. No major agreements were reached or treaties signed.
Promising “no new taxes,” George H. W. Bush was elected president over Democratic Party nominee Michael Dukakis.
President Bush signed the Immigration Act of 1990, which modified the Immigration Reform and Control Act of 1986 by increasing legal immigration and revising guidelines for exclusion and deportation.
Immigration Reform and Control Act of 1986 increased border security, granted amnesty to certain illegal aliens (including those present since 1982 and some agricultural workers), and imposed sanctions against employers who knowingly hired illegal aliens.