BE A CORPORATION
Trump went on record saying he wanted the nation’s 35 percent corporate tax rate cut to 15 percent. As with many other measures proposed by the president, this was blunted in the final law, which lowers the rate to 21 percent (the lowest since 1939). Unlike individual cuts due to expire in 2023, these business cuts are supposedly permanent.
The law also eliminates the corporate alternative minimum tax, a parallel tax system that requires filers earning above a certain amount to calculate their taxes twice and pay the higher amount. Without the AMT, businesses will be able to take advantage of more exemptions and itemized deductions to lower their tax bills beyond the new 21 percent rate.