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

Group of answer choices

A. $18 million

B. $21 million

C. $14 million

D. $35 million