193k views
5 votes
The federal corporate tax rate in the U.S. became a flat _____ percent with the passage of the Tax Cuts and Jobs Act of 2017.

a) 20%
b) 25%
c) 30%
d) 35%

1 Answer

3 votes

Final answer:

The correct federal corporate tax rate after the Tax Cuts and Jobs Act of 2017 is 21%, which is not listed in the provided options.

Step-by-step explanation:

The correct federal corporate tax rate after the Tax Cuts and Jobs Act of 2017 is 21%, which is not listed in the provided options. The federal corporate tax rate in the U.S. became a flat 21% percent with the passage of the Tax Cuts and Jobs Act of 2017. None of the options a) 20%, b) 25%, c) 30%, or d) 35% are correct. Before the passage of this act, corporate tax rates were structured in such a way that they increased on a graduating scale with income brackets, with rates up to 35% on incomes above $18,333,333. However, following the new legislation, this structure was simplified, and corporate income tax was set at a uniform 21% rate regardless of income levels.

User BeemerGuy
by
8.0k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.