H.R. 1, known as the
Tax Cuts and Jobs Act, would make sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnin
Tax Cuts and Jobs Act, would make
sweeping modifications
to the Internal Revenue Code, including a much lower corporate
tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnin
tax rate,
changes to credits and deductions, and a move
to a territorial
system for corporations that have overseas earnings.
The Trump administration proposed the most
sweeping changes to the federal
tax code in decades, outlining a framework that would cut individual and corporate
taxes, eliminate widely used exemptions and deductions and tilt the U.S. closer
to the type of
tax system embraced by other industrialized nations.