#TrumpTaxCuts It lowered income tax rates across most brackets, nearly doubled the standard deduction, and capped deductions for state and local taxes (SALT). While many middle-income earners saw short-term benefits, the cuts for individuals are set to expire after 2025.

For corporations: It slashed the corporate tax rate from 35% to 21%, aiming to boost business investment and economic growth. Companies generally benefited a lot, leading to stock buybacks and higher profits.

Criticism: Critics argue it added significantly to the national debt (by over $1 trillion) and disproportionately favored the wealthy and big corporations. They also point out that wage growth didn't match expectations.

Support: Supporters claim it helped stimulate economic growth before the pandemic, lowered unemployment to historic lows, and made U.S. businesses more competitive globally.