Analyze and compare the current U.S. corporate tax structure (e.g. rates) with that of other industrialized countries.

When the Tax Cuts and Jobs Act of 2017 (TCJA) was enacted, the Trump administration (and others) asserted that the legislation would not add to the Federal deficit. The U.S. Department of Treasury argued that the TCJA would be, at worst, revenue neutral. The Treasury posited that the TCJA would stimulate economic growth and that the resulting tax revenue increases would more than offset the bill’s tax revenue losses. However, most nonpartisan analysts, including Congress’s own Joint Committee on Taxation (JCT), projected that the TCJA would add more than $1 trillion to the Federal deficit. According the JCT’s analysis, the one provision in the TCJA that had the largest projected revenue loss (approximately $1.35 trillion) was the reduction in the corporate tax rate to 21%. Recent reports indicate significant decreases in Federal corporate tax revenues and significant increases in the Federal budget deficit. Since the Trump administration and others argued that the TCJA would be revenue neutral (or even revenue positive) after its effects on the economy were factored in, an excellent exercise would be to examine whether those pro-TCJA arguments are supported by the facts.Choose ONE of the following to address:Research RECENT Federal budget reports and discuss the assertion that the recent growth in the Federal deficit can be blamed somewhat on the TCJA corporate tax rate cut. (You are free to agree or disagree with the assertion, based on your research.)The main argument for the TCJA corporate tax rate cut was to make the U.S. more competitive when compared to the corporate tax structure of other industrialized countries. Analyze and compare the current U.S. corporate tax structure (e.g. rates) with that of other industrialized countries.