The Trump Tax Cuts, officially called the Tax Cuts and Jobs Act (TCJA), were signed into law in December 2017. This legislation aimed to boost the U.S. economy by reducing tax rates for individuals and businesses. Key changes included lowering the corporate tax rate from 35% to 21%, adjusting individual tax brackets, and increasing the standard deduction. Supporters argue that the cuts spurred economic growth and created jobs. Critics, however, say the benefits mainly favored the wealthy and contributed to a growing national deficit. While the immediate effects included a strong stock market and low unemployment, debates continue about the long-term impact on inequality and federal debt.
