Paper is to compare and contrast the new Trump tax laws vs. the old...

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Paper is to compare and contrast the new Trump tax laws vs. the old tax laws. No political views or personal opinions, keep paper subjective.

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In its most basic form, tax law usually covers the policies, rules, and legislation implemented with the aim of administrating the tax process, which encompasses charges on transactions, estates, income, property, and licenses imposed by the government. Besides, HG Org (2018) relates that taxation also involves duty imports from overseas states along with the entire range of mandatory levies enforced by the government on the people for the benefit of the country (HG Org, 2018). While the tax laws have remained largely unaltered since the old regimes such as that of Reagan, Donald Trump, the current president of the U.S., recently has taken a relatively different course. Hence, this paper will attempt to point out the similarities and differences in the approaches to tax adopted by Trump and those that prevailed previously based on a set of elements.
Corporate tax rate
Trump’s corporate tax rate differs entirely with the traditional percentage in that the current president has reduced the tax brackets to one. Apple Growth Partners (2018) relates that the current regime has dictated a permanent rate of 21 percent. Historically, four corporate tax brackets of 10%, 25%, 34%, and 35% were commonplace. An additional difference is that in the current regime, the 21 percent corporate tax rate applies to every level of organizational income (Apple Growth Partners, 2018). Contrastingly, the prior tax law stated that a corporate revenue of $75,000 was subject to a rate of 34%.
Individual tax rate
A primary similarity between Trump’s tax law and the prior regime is that five...

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