Which of the following statements is NOT true of the Tax Cut and Jobs Act (TCJA) of 2017?
A) The act permanently lowers corporate taxes from a progressive schedule to a flat 21% starting in 2018.
B) The act limits the deductibility of net interest expense that exceeds 21% of a firm's adjusted taxable income starting in 2018.
C) Neither A or B is false.
D) Both A and B are false.

Question

Quizplus · Accepted Answer

The TCJA limits the deductibility of net interest expense to 30% of a firm's adjusted taxable income, not 21%.

Which of the Following Statements Is NOT True of the Tax