#TrumpTaxCuts The Trump tax cuts, formally known as the Tax Cuts and Jobs Act of 2017, significantly altered the U.S. tax code. Key features included a substantial reduction in the corporate tax rate, from 35% to 21%, and temporary cuts to individual income tax rates. The legislation also doubled the standard deduction and made changes to various deductions and credits.

The cuts aimed to stimulate economic growth, but their long-term effects remain debated. Proponents argue they boosted business investment and job creation. Critics point to increased national debt and argue that the benefits disproportionately favored wealthy individuals and corporations. The expiration of certain provisions is set for 2025, leading to ongoing policy discussions.