#TrumpTaxCuts The Tax Cuts and Jobs Act of 2017, championed by the Trump administration, was a profound tax reform. It significantly reduced the corporate tax rate from 35% to 21%, aiming to incentivize business investment and job growth. For individuals, it lowered tax rates across several income brackets, but these reductions were scheduled to expire in 2025.
Supporters argued that the cuts would stimulate the economy, creating jobs and increasing wages. Critics expressed concern about the rising federal deficit and the unequal distribution of benefits, favoring corporations and high-income taxpayers. The debate over its long-term economic effects, including its impact on growth, inflation, and inequality, continues to be a topic of discussion.