In 2004, Congress, supported by the Bush administration, passed a law called the American Jobs Creation Act that gave businesses a one-year special tax break on any profits accumulating overseas that were transferred to the United States. What was the intent of this law?
A) To raise revenue for the government to fund its massive defense spending and to create jobs in the defense industry
B) To discourage U.S. firms from investing in foreign countries
C) To create jobs and spur investment in the U.S.
D) To free up much needed funding for domestic firms in the face of an impending financial crisis
Correct Answer:
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