Prior to the Tax Cuts and Jobs Act,corporations faced a progressive tax rate schedule with rates ranging from 15% to 39%.Under that old tax law,a firm with taxable income of $100 million would have owed taxes of $35 million.Under the Tax Cuts and Jobs Act,the corporate tax rate is a flat 21%.For a firm that makes $100 million in taxable income,the size of the tax reduction that the firm enjoys because of the new tax law is closest to ________.

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The Answer of Prior to the Tax Cuts and Jobs Act,corporations faced a progressive tax rate schedule with rates ranging from 15% to 39%.Under that old tax law,a firm with taxable income of $100 million would have owed taxes of $35 million.Under the Tax Cuts and Jobs Act,the corporate tax rate is a flat 21%.For a firm that makes $100 million in taxable income,the size of the tax reduction that the firm enjoys because of the new tax law is closest to ________.

Prior to the Tax Cuts and Jobs Act,corporations Faced a Progressive