Which of the following statements is NOT true of the Tax Cut and Jobs Act $($TCJA$)$ of $2017?$

Multiple Choice

The act limits the deductibility of net interest expense that exceeds $21\%$ of a firm's adjusted taxable income starting in $2018.$

The act permanently lowers corporate taxes from a progressive schedule to a flat $21\%$ starting in $2018.$

Neither of the options are false.

Both of the options are false.