Question: Select the correct statement. In addition to reducing corporate and individual tax rates, the 2018 tax cuts also reduced the federal budget deficit. A 2019

Select the correct statement. In addition to reducing corporate and individual tax rates, the 2018 tax cuts also reduced the federal budget deficit. A 2019 study by the Institute on Taxation \& Economic Policy found that the 2018 effective tax rate for the majority of firms included in the Fortune 500 was significantly higher than the statutory rate of 21%. The tax cuts of 2018 were done when the U.S. economy was declining and in a recession. The statutory corporate tax rate is the legal tax rate set by law; the effective corporate tax rate is the rate that a company actually pays on pre-tax profits

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