#TrumpTaxCuts
The Trump tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were enacted in December 2017, aimed at stimulating economic growth through significant reductions in corporate and individual income tax rates. Corporate tax rates were slashed from 35% to 21%, while individuals saw temporary cuts, with the wealthiest benefiting the most. Proponents argue that the cuts spurred investment and job creation, while critics contend they disproportionately benefited the wealthy and increased the national deficit. The long-term effects on economic growth remain debated, with some praising the short-term boost and others cautioning about the growing budgetary challenges.
