Republicans have released their long-awaited framework for tax reform. If enacted, it would be the first time the United States had seen major tax reform since 1986.

Here's what the world looked like back then:

Average price of a gallon of gas: 93 cents

AP

Cost of a gallon of milk: $2.22

Cost of a stamp: 22 cents

Cost of a loaf of bread: 56 cents

Unemployment rate: 7 percent

Median household income: $24,900

Best-selling car: Ford F-Series

Super Bowl champions: Chicago Bears

AP

World Series champions: New York Mets

AP

NBA champions: Boston Celtics

AP

Academy Award for best picture: "Out of Africa"

Top-grossing movie: "Top Gun"

Also released: "Ferris Bueller's Day Off"

Academy Award for best actor and best actress: William Hurt in "Kiss of the Spider Woman" and Geraldine Page in "The Trip to Bountiful"

AP

Billboard No. 1 single: "That's What Friends Are For" by Dionne Warwick, Elton John, Gladys Knight, and Stevie Wonder

Also popular: Bon Jovi's You Give Love a Bad Name, Madonna Papa Don't Preach, Cyndi Lauper, True Colors

Best-selling album: Whitney Houston's "Whitney Houston"

In the news:

The Challenger explosion

Iran-Contra affair

Chernobyl disaster

Time magazine's Person of the Year: Corazon Aquino, first female president of the Philippines