#TrumpTaxCuts Still Benefiting Americans Today???
Do you think the 2017 tax cuts helped the economy long-term or just gave a short-term boost???
The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, were the biggest overhaul of the U.S. tax code in decades. They lowered corporate tax rates from 35% to 21%, reduced income tax rates for individuals, and nearly doubled the standard deduction. Supporters argue the cuts spurred economic growth, boosted jobs, and put more money in Americans' pockets.
However, critics point out that while businesses and higher earners gained the most, the national deficit also grew sharply. Many of the individual tax cuts are set to expire in 2025, while corporate cuts are permanent.
Now, debates continue: were the gains worth the cost, or did they mainly benefit the wealthy?