true or false: the tax cuts and jobs act of 2017 eliminates the tax issue about repatriating overseas profits.

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30-11-2022
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true or false: the tax cuts and jobs act of 2017 eliminates the tax issue about repatriating overseas profits.

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Tutorconsortium257 Tutorconsortium257 · Answer 1 · 2022-12-02T10:52:44+01:00

The top corporate tax rate was reduced by 40% under the 2017 tax cut, going from 35% to 21%. Additionally, it cut the majority of Americans' income taxes.

What was eliminated by the TCJA?

Certain tax preparation-related deductions, like tax preparation fees, were eliminated by the TCJA. Unreimbursed employee expense deductions and other diverse deductions were also eliminated.

What exactly is the Jobs and Tax Cuts Act?

The Tax Cuts and Jobs Act of 2017 (TCJA), which was signed into law in December 2017, made significant changes like raising the standard deduction, eliminating personal exemption deductions, and generally lowering the tax rates for both individuals and businesses.

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