Asked by Angela Vazquez on Jul 17, 2024
Verified
Under the Tax Reform Act of 1986 the maximum rate of the corporate income tax was
A) raised.
B) lowered.
C) not changed.
Tax Reform Act
Legislation aimed at adjusting tax policies, which can include changes to tax rates, tax credits, and deductions to achieve economic or social objectives.
Corporate Income Tax
A tax imposed on the net income of a company derived from its business activities within a country.
- Attain knowledge of the structure and consequence of several tax forms, such as corporate income tax, excise taxes, and Social Security tax.
- Recognize the historical changes in taxation and government spending policies.
Verified Answer
AS
Aahundra ShepherdJul 20, 2024
Final Answer :
B
Explanation :
The Tax Reform Act of 1986 lowered the maximum rate of the corporate income tax from 46% to 34%.
Learning Objectives
- Attain knowledge of the structure and consequence of several tax forms, such as corporate income tax, excise taxes, and Social Security tax.
- Recognize the historical changes in taxation and government spending policies.