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Complete the paragraph below to answer the following question, "Why do you think the QBI deduction...

Complete the paragraph below to answer the following question, "Why do you think the QBI deduction is limited to earnings from a business conducted in the United States and doesn't also include business income from a foreign business activity?

A possible reason may be that most businesses  ________ (worldwide/in the US) operate as sole proprietorships, partnerships, or S corporations, rather than as C corporations and Congress needed a means of reducing the taxes on businesses that operate in different business forms. Also, a primary goal for tax reform in 2017 was to ______ (lower/raise) the Federal income tax rate for C corporations, improving the ____________ (investment overseas/international competitiveness) of U.S. corporations and attracting investment ________ (overseas/in the US) from non-U.S. multinational corporations.

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A possible reason may be that most businesses in the US operate as sole proprietorships, partnerships, or S corporations, rather than as C corporations and Congress needed a means of reducing the taxes on businesses that operate in different business forms. Also, a primary goal for tax reform in 2017 was to lower the Federal income tax rate for C corporations, improving the international competitiveness of U.S. corporations and attracting investment overseas from non-U.S. multinational corporations.

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