Corporate rate drops to 21 percent, but not all the way to 15 percent

As a presidential candidate, Donald Trump said he would reduce key tax rates for corporations, aiming to make the United States more competitive with its overseas competitors.

"The Trump Plan will lower the business tax rate from 35 percent to 15 percent, and eliminate the corporate alternative minimum tax," he said in his campaign tax plan.

On Dec. 19 and 20, the Senate and the House passed a final version of the tax bill, which will go to the president for his signature. Let's take a look at how the final bill treated corporate taxation.

The bill did reduce the corporate tax rate dramatically, but it didn't hit the 15 percent target Trump had proposed. The new rate is 21 percent.

Meanwhile, the bill does get rid of the corporate alternative minimum tax, which is levied against companies that have unusually low tax bills due to extensive deductions.

The bill achieved a significant corporate tax reduction -- the final figure is two-thirds of the way down to where Trump had wanted it -- but it isn't as low as his promised 15 percent. So we rate this a Compromise.