#TrumpTaxCuts

The Trump tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were signed into law in December 2017. The legislation significantly reduced the corporate tax rate from 35% to 21%, aiming to boost business investment and economic growth. It also provided temporary tax relief for individuals, nearly doubling the standard deduction and adjusting income tax brackets. While proponents argue the cuts stimulated the economy and improved job creation, critics highlight increased federal deficits and limited long-term benefits for middle- and lower-income Americans. The TCJA also included incentives for repatriating overseas profits and introduced a cap on state and local tax (SALT) deductions, affecting high-tax states.