#TrumpTaxCuts

Trump's tax cuts refer to the "Tax Cuts and Jobs Act" that was signed by former U.S. President Donald Trump in December 2017. This law is considered one of his major economic achievements and included extensive changes to the U.S. tax system. The law reduced the corporate tax rate from 35% to 21%, encouraging many companies to reinvest in the United States. It also included temporary tax cuts for individuals, especially for the middle class, although a large portion of the benefits went to the wealthy. Trump defended the law as a catalyst for economic growth and job creation, while some criticized it for increasing the federal deficit and exacerbating income inequality. Despite some short-term economic gains, the effects of these tax cuts remain widely debated in political and economic circles, especially with rising concerns about U.S. public debt.