#TrumpTaxCuts

The 2017 Tax Cuts and Jobs Act (TCJA), enacted under President Donald Trump, significantly altered the U.S. tax landscape. It reduced the corporate tax rate from 35% to 21%, lowered individual tax rates, and increased the standard deduction. However, the benefits were disproportionately distributed, with the top 1% of earners receiving substantial tax cuts, while middle- and lower-income households saw minimal relief. The TCJA is projected to add $1.9 trillion to the federal deficit over ten years, raising concerns about long-term fiscal sustainability. Despite claims of economic growth, the law's effectiveness in stimulating widespread economic benefits remains debated