#TrumpTaxCuts

The Trump tax cuts, formally known as the Tax Cuts and Jobs Act (TCJA) of 2017, were significant changes to the U.S. tax code. They aimed to stimulate economic growth by reducing the corporate tax rate from 35% to 21% and lowering individual tax rates across various income brackets. The Act also doubled the standard deduction, increased the child tax credit, and eliminated personal exemptions.

Proponents argued that the cuts would spur investment, increase wages, and create jobs. Critics, however, contended that the benefits disproportionately favored corporations and wealthy individuals while increasing the federal deficit. The TCJA also limited certain deductions, such as state and local tax deductions.

Overall, the tax cuts had mixed reviews, with supporters highlighting short-term economic growth and opponents raising concerns about long-term fiscal sustainability and income inequality. The full impact of the cuts continues to be debated among economists and policymakers.