#TrumpTaxCuts

The #TrumpTaxCuts, officially known as the Tax Cuts and Jobs Act of 2017, represented a major overhaul of the U.S. tax code under President Donald Trump. The legislation significantly lowered the corporate tax rate from 35% to 21%, aiming to stimulate economic growth and job creation. For individuals, it temporarily reduced income tax rates, nearly doubled the standard deduction, and eliminated personal exemptions. Supporters argued it boosted the economy and benefited middle-class families. Critics claimed it disproportionately favored the wealthy and increased the federal deficit. While corporations saw permanent tax relief, individual cuts are set to expire after 2025, sparking ongoing debate about the law’s fairness and long-term fiscal impact.