Tax characteristics of corporations include which of the following?
I.At higher income levels,the lower tax rates phase out by the use of a surtax.
II.The corporate tax rates are 10%,15%,25%,28%,33%,35% and 39.6%.

Question

Tax characteristics of corporations include which of the following?
I.At higher income levels,the lower tax rates phase out by the use of a surtax.
II.The corporate tax rates are 10%,15%,25%,28%,33%,35% and 39.6%.
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Quizplus · Accepted Answer

At higher income levels, corporations face a surtax that effectively phases out the benefit of lower tax rates. However, the specific tax rates listed in statement II are not accurate for corporate tax rates.

Tax Characteristics of Corporations Include Which of the Following