โ๏ธ๐ #TrumpTaxCuts ๐โ๏ธ
๐ The Tax Cuts and Jobs Act (TCJA), signed by President Trump in 2017, was a major tax code overhaul that slashed corporate rates from 35% to 21%, doubled the standard deduction, and lowered individual income tax rates, though many individual provisions expire in 2025.
๐ Proponents argue it spurred economic growth, citing GDP increases and record-low unemployment, particularly for minorities, with federal revenues hitting $4.9 trillion in 2022 despite cuts.
๐ Critics, however, contend it disproportionately benefited the wealthy, with the top 1% receiving average cuts of $60,000 versus $500 for the bottom 60%.
๐ They argue it added $2 trillion to the deficit by 2028 and failed to deliver promised wage hikes, with corporate savings largely funding stock buybacks.
๐ Extending the cuts could cost $4 trillion over a decade, raising debt-to-GDP ratios significantly.
๐ Trumpโs 2024 proposals, including no taxes on tips, overtime, or Social Security, aim to appeal to the middle class but may exacerbate fiscal concerns without offsetting revenues.
๐ The debate hinges on balancing economic stimulus against rising inequality and debt, with outcomes depending on congressional action and economic conditions.
