The two deduction percentages are cut
What the document says“by striking "37.5 percent" in paragraph (1)(A) and inserting "33.34 percent",”
The section strikes 37.5 percent in paragraph (1)(A) of section 250(a) of the Internal Revenue Code of 1986 and inserts 33.34 percent, strikes 50 percent in paragraph (1)(B) and inserts 40 percent, and strikes paragraph (3).
What the document actually says“by striking "37.5 percent" in paragraph (1)(A) and inserting "33.34 percent",”
The rate of 37.5 percent is taken out. The rate of 33.34 percent is put in.
A second rate goes from 50 percent to 40 percent. A third paragraph is struck out. What the rates apply to is not recorded here.
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