Discussion Post: Accounting Packback
Topic: The Corporate Income Tax currently has a flat tax rate of 21%. Before 2018, the rates were progressive, ranging from 15% to 35%. Discuss issues related to the rate structure for the U.S. income tax system, including what type of rate structure you believe is best, and why.
• Would it be beneficial for states to conform to federal Section 179 and Bonus Depreciation (Section 168(k)) rules?
• Do you think that the NOL carryback rule should have been eliminated under the Tax Cuts and Jobs Act of 2017 or brought back under the CARES Act taking into account the change in tax rates?
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.