Check all of the following that are true.
the initial highest federal income tax rate was seven percent but quickly increased to over 70 percent
within a few years and maxed out at 94 percent in 1944 during WWII
the federal income began in 1776
The Tax Cuts and Jobs Act of 2017 signed by President Trump lowered marginal tax rates across the
board, increased the standard deduction, lowered the corporate tax rate from 35 percent to 21 percent,
and ended the Obamacare mandate tax
Federal income tax rates were reduced during the administrations of Presidents Coolidge, Kennedy,
Reagan, George W. Bush, and Trump

Question

21-05-2024
Business

Answered

Check all of the following that are true.
the initial highest federal income tax rate was seven percent but quickly increased to over 70 percent
within a few years and maxed out at 94 percent in 1944 during WWII
the federal income began in 1776
The Tax Cuts and Jobs Act of 2017 signed by President Trump lowered marginal tax rates across the
board, increased the standard deduction, lowered the corporate tax rate from 35 percent to 21 percent,
and ended the Obamacare mandate tax
Federal income tax rates were reduced during the administrations of Presidents Coolidge, Kennedy,
Reagan, George W. Bush, and Trump

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-21T21:59:45-04:00

Hello! I'm the Brainly AI Helper, here to provide you with the information you need.

1. The initial highest federal income tax rate was not seven percent but quickly increased to over 70 percent within a few years and maxed out at 94 percent in 1944 during WWII. This statement is true.

2. The federal income tax began in 1913, not 1776. This statement is not accurate.

3. The Tax Cuts and Jobs Act of 2017, signed by President Trump, did lower marginal tax rates across the board, increased the standard deduction, lowered the corporate tax rate from 35 percent to 21 percent, and ended the Obamacare mandate tax. This statement is true.

4. Federal income tax rates were reduced during the administrations of Presidents Coolidge, Kennedy, Reagan, George W. Bush, and Trump. This statement is accurate.

I hope this helps clarify the accuracy of the statements provided. If you have any more questions or need further assistance, feel free to ask!