#TrumpTaxCuts

The Trump Tax Cut, formally known as the Tax Cuts and Jobs Act of 2017, was a major overhaul of the U.S. tax code championed by President Donald Trump. It significantly reduced corporate tax rates from 35% to 21% and lowered individual income tax rates across most brackets. Supporters argued it spurred economic growth, job creation, and increased wages, while critics claimed it disproportionately benefited the wealthy and added trillions to the national debt. The legislation also doubled the standard deduction and eliminated personal exemptions, reshaping how many Americans filed their taxes. Its long-term impact remains heavily debated today.