#TrumpTaxCuts #TrumpTaxCuts
In 2017, the then American president, Donald Trump, signed the "Tax Cuts and Jobs Act," which is considered the largest amendment to the American tax law in three decades. These tax amendments lowered corporate and individual tax rates, with a particular focus on large corporations.
The Tax Cuts and Jobs Act sparked widespread controversy. Proponents argued that tax cuts would stimulate economic growth, create jobs, and enhance the competitiveness of American companies. Meanwhile, opponents argued that the tax cuts disproportionately benefited the wealthy, increased the national debt, and did not deliver the expected economic growth.
Some studies indicate that the tax cuts led to a slight increase in economic growth in the short term, but did not achieve the substantial growth promised by supporters. Additionally, the tax cuts significantly contributed to the increase in the national debt.
