#TrumpTaxCuts

The Trump tax cut, officially known as the Tax Cuts and Jobs Act of 2017, was a major overhaul of the U.S. tax code. It lowered the corporate tax rate from 35% to 21% to encourage business investment and economic growth. For individuals, it reduced income tax rates, doubled the standard deduction, and increased the child tax credit. However, it also limited deductions like state and local taxes. Supporters argued it boosted the economy and created jobs, while critics said it mostly benefited the wealthy and increased the federal deficit. Its long-term effects on inequality and debt remain debated.