#TrumpTaxCuts

The 2017 Tax Cuts and Jobs Act (TCJA), signed by President Trump, slashed corporate taxes from 35% to 21% and cut individual rates, with the top rate dropping from 39.6% to 37%. It doubled the standard deduction and child tax credit but favored high earners, with the top 1% gaining $61,000 annually versus $400 for the bottom 60%. Costing $1.9 trillion over a decade, it increased deficits without delivering promised wage growth ($750 vs. $4,000-$9,000 projected). Extending expiring provisions could add $4.6 trillion to the debt, primarily benefiting the wealthy.