#TrumpTaxCuts The Trump Tax Cut, enacted in 2017, was presented as a huge boost for the middle class... but in reality, it was mostly large corporations and the wealthiest who popped the champagne. Officially, it aimed to stimulate the economy by reducing the corporate tax rate from 35% to 21%, promising more jobs and wage increases. The result? Stock buybacks skyrocketed, as did inequality. In the short term, some saw their paychecks smile, but in the long term, public debt increased by $1.5 trillion. A "historic victory," indeed — especially for Wall Street.