#TrumpTaxCuts

#Trump_Tax_Cuts, officially known as the Tax Cuts and Jobs Act of 2017, was a major tax overhaul in the United States. Its key elements:

- Corporate tax rate reduction: from 35% to 21% (permanent).

- Individual income tax changes: temporary cuts (ending in 2025), doubling the standard deduction, and capping state and local tax deductions.

- Estate tax exemption: doubled for heirs.

- Pass-through business owners: 20% deduction on income.

- International reforms: shift to a territorial tax system and a one-time repatriation tax on foreign profits.

Pros: Boosted consumer spending, stock buybacks, and short-term economic growth.

Cons: Criticized by some for concentrating benefits on the wealthy and corporations, increasing the deficit (over $1.9 trillion over 10 years), and making middle-class benefits temporary.

Controversy: Supporters view it as a reason for economic success prior to the pandemic, while others criticize it for exacerbating inequality and financial risks. Political divisions remain regarding its long-term impact.