Trump Tax Cuts: Boosting the Economy or Widening the Gap?
The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act of 2017, were among the most controversial economic policies in recent U.S. history. Supporters say the cuts stimulated the economy and led to job creation. Critics argue they disproportionately benefited the wealthy and increased the national deficit.
So, what really happened?
Corporate tax rate dropped from 35% to 21%, aiming to encourage businesses to reinvest and grow.
Individual tax rates were reduced across the board, but high-income earners saw the biggest dollar gains.
Some temporary cuts for individuals are set to expire in 2025, raising questions about what comes next.
Short-term growth: GDP growth and employment saw a boost in the first two years.
Deficit surge: The U.S. deficit expanded by trillions, partly due to reduced tax revenue.
Wealth gap concerns: Income inequality widened, fueling debates about fairness.
As the 2024 elections heat up, #TrumpTaxCuts are once again at the center of the political conversation. Will they be extended, reversed, or replaced?
Your thoughts? Should tax cuts favor growth or equality — or is there a better middle ground?