#TrumpTaxCuts The Tax Cuts and Jobs Act of 2017, pushed by the Trump administration, modified the U.S. tax code. Key changes included a sharp reduction of the corporate tax rate from 35% to 21%, and temporary cuts to individual income taxes. It also increased the standard deduction and modified several deductions and credits.
Supporters argued that these cuts would stimulate economic growth, boost job creation, and increase wages. Critics argued that the benefits disproportionately favored corporations and wealthy individuals, and would significantly increase the national debt.