#TrumpTaxCuts

The Trump tax cuts, officially the Tax Cuts and Jobs Act (2017), slashed corporate taxes from 35% to 21% and temporarily reduced individual rates. Proponents argued lower rates would spur economic growth, repatriate offshore profits, and create jobs. Critics highlighted skewed benefits: wealthier households and corporations gained most, while individual cuts expire by 2025. The law also capped state/local tax deductions but doubled the standard deduction. While GDP and stock markets rose post-reform, deficits ballooned, and wage growth trailed corporate gains. Long-term impacts remain contested—supporters credit resilience pre-pandemic; detractors note exacerbated inequality and insufficient middle-class relief. Debate continues over its fiscal legacy.