#TrumpTaxCuts

The Trump tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were signed into law by President Donald Trump in December 2017. This legislation significantly lowered corporate tax rates from 35% to 21% and provided temporary tax relief for individuals through lower income tax brackets and increased standard deductions. Supporters argued that the cuts stimulated economic growth, boosted business investment, and created jobs. Critics, however, claimed the benefits favored the wealthy and corporations while increasing the national deficit. While the corporate tax reductions were permanent, most individual tax cuts are set to expire after 2025, sparking ongoing political debate.