Trump Tax Cuts
About Trump Tax Cuts
The Tax Cuts and Jobs Act of 2017 was the largest tax overhaul in 30 years. It cut the corporate tax rate from 35 to 21 percent and reduced individual rates. The act added an estimated 1.5 trillion to the national debt over 10 years. Companies announced stock buybacks and bonuses, driving stock market gains. Critics argued the benefits flowed mainly to corporations and the wealthy. The law capped state and local tax deductions, hitting high tax states. The tax cuts occurred during an economic expansion, contrary to standard Keynesian advice to save stimulus for downturns.
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