The Tax Cuts and Jobs Act of 2017 fixed the corporate tax rate at a flat 21%. Before this, the corporate tax rate paid on an additional (marginal) dollar of taxable income changed as taxable income grew. Using a flat corporate tax means that in the absence of tax deductions) all companies face the same marginal tax rate. Since personal taxes and corporate state taxes are not flat taxes, it is instructive to see how marginal tax rates differ as income changes. Corporation Growth has $88,000 in taxable income, and Corporation Income has $8,800,000 in taxable income. Use the tax rates from Table 2.3. a. What is the tax bill for each firm? (Do not round intermediate calculations. Enter your answers in dollars, not millions of dollars, e.g., 1,234,567.) Firms Corporation Growth Corporation Income Tax Bill $ b. What is the average tax rate on the taxable income for each firm? ( Enter your answers as a percent rounded to one decimal, e.g., an average tax rate of 0.1967 should be entered as 19.7%) Tax Bill Firms Corporation Growth Corporation Income % % c. Suppose both firms have identified a new project that will increase taxable income by C. Suppose both firms have identified a new project that will increase taxable income by $11,000. How much in additional taxes will each firm pay? (Do not round intermediate calculations.) Additional taxes Firms Corporation Growth Corporation Income A tA