#TrumpTaxCuts
Trump Tax Cuts
In December 2017, U.S. President Donald Trump signed the "Tax Cuts and Jobs Act (TCJA)", which represented the largest overhaul of the U.S. tax system since 1986.
The law focused on reducing taxes for individuals and corporations, lowering the corporate tax rate from 35% to 21%, and adjusting individual tax brackets while increasing some deductions.
Supporters of the cuts argued that they encouraged investment and economic growth, while critics contended that they increased the federal deficit and primarily benefited the wealthy and large corporations.
Despite some short-term economic gains, their long-term impact on equality and fiscal deficits remains widely debated even today.