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The Tax Cut and Jobs Act of 2017, which took effect on Jan. 1, 2018, cut corporate tax rates 30 percent or more. Retailers, in particular, were among those most beneficial as businesses like Nordstrom and Dicks Sporting Goods are expected to see their tax rates drop from the high 30s to the low 20s[1].
Now, with the end of the third quarter closing in, most businesses have had time to realize the effects of the Act and incorporate the added revenue into the coming year’s budget planning process.
