Asked by Olivia DiPaolo on May 18, 2024
Verified
The Tax Cut of 2003 includes all of the following provisions EXCEPT
A) The child income tax credit was raised from $600 to $1,000.
B) The lowest minimum tax rate was lowered from 15 percent to 10 percent.
C) The highest income tax bracket was reduced from 38.6 percent to 35 percent.
D) The top personal income tax rate paid by stockholders on corporate dividends and on capital gains was lowered to 15 percent.
Child Income Tax Credit
A tax credit offered to taxpayers for each qualifying dependent child, intended to help families manage the costs of raising children.
Income Tax Bracket
A range of incomes taxed at a particular rate under a progressive tax system.
- Understand tax legislation and fiscal policy changes over recent decades.
Verified Answer
LB
Lolita BridgesMay 19, 2024
Final Answer :
B
Explanation :
All of the other provisions listed are included in the Tax Cut of 2003, but the lowest minimum tax rate was actually lowered from 10 percent to 0 percent.
Learning Objectives
- Understand tax legislation and fiscal policy changes over recent decades.