Trump Tax Cuts | What You Need to Know! ๐บ๐ธ๐ฐ
The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were a major overhaul of the U.S. tax system signed into law in 2017. โ๏ธ๐
Key Highlights of Trumpโs Tax Cuts ๐ง :
Lowered Corporate Taxes:
Corporate tax rate dropped from 35% to 21%! ๐ฆโฌ๏ธ
Reduced Personal Income Taxes:
New tax brackets โ most Americans saw lower rates! ๐งพโจ
Doubled Standard Deduction:
Making it easier to file without itemizing. ๐ ๐๏ธ
Boosted Child Tax Credit:
Families got bigger tax breaks for their kids! ๐จโ๐ฉโ๐งโ๐ฆ๐ต
Impact of the Trump Tax Cuts ๐:
Economic Growth: GDP growth spiked after 2017! ๐
Job Creation: Unemployment reached record lows pre-2020. ๐งโ๐ญ๐ฉโ๐ผ
Increased Deficits: Government debt also rose significantly. ๐โ ๏ธ
Debate Around It โก:
Supporters say: It fueled economic boom and empowered businesses. ๐๐ผ
Critics argue: Benefits were uneven and favored the wealthy. ๐๏ธ vs. ๐งโโ๏ธLove it or hate it โ Trumpโs Tax Cuts reshaped Americaโs economy! ๐บ๐ธ๐ฌ