#TrumpTaxCuts The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, reduced the corporate tax rate from 35% to 21% 💼, lowered individual tax rates 💵, and increased the standard deduction 📈. It also allowed businesses to immediately expense certain capital investments 🏢 and introduced a 20% deduction for pass-through businesses 🧑‍💼. However, it increased the deficit by over $2 trillion 💳 and made some tax cuts for individuals temporary ⏳, set to expire in 2025. The act faced both praise for boosting economic growth 📊 and criticism for contributing to income inequality ⚖️ and the national debt 💰.

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