#TrumpTaxCuts

The Legacy of Trump Tax Cuts: Impact and Controversy

The Trump Tax Cuts policy, officially known as the "Tax Cuts and Jobs Act" (TCJA), was signed into law at the end of 2017 and marked a significant turning point in U.S. financial policy.

The primary goal was to reduce the corporate tax rate from 35% to 21% and lower taxes for individuals. The TCJA was praised for boosting economic growth, increasing profits for businesses, and reducing unemployment rates.

However, this policy also faced much criticism. Many economists argue that the main benefits accrued to the ultra-wealthy and large corporations while the U.S. national debt rose sharply. Additionally, many tax incentives for individuals are expected to expire in the coming decade, raising concerns about increasing financial inequality.