#TrumpTaxCuts
In 2017, former U.S. President Donald Trump enacted one of the largest tax cut packages in U.S. history through the "Tax Cuts and Jobs Act" (TCJA).
The goal was to stimulate the economy, create jobs, and increase investments.
Key points:
• The corporate tax rate was reduced from 35% to 21%.
• Individuals received temporary tax cuts, expiring in 2025.
• Increased support for large corporations and investors.
• Rising federal deficit due to revenue shortfalls.
Results:
• Short-term economic growth.
• Primarily benefiting corporations and high-income earners.
• Growing debate over the impact of the cuts on the middle class and economic fairness.
Today, as some provisions of the cuts are set to expire, strong discussions are underway about renewing or modifying them
