The former president proposed and enacted significant changes to the United States federal tax code. These alterations affected both individual income taxes and corporate taxes, representing a substantial shift in fiscal policy. The primary legislation enacting these changes was the Tax Cuts and Jobs Act of 2017. This act restructured tax brackets, deductions, and credits for individuals, and it permanently lowered the corporate income tax rate.
The enacted adjustments aimed to stimulate economic growth through reduced tax burdens on businesses and individuals. Proponents argued these changes would incentivize investment, job creation, and increased wages. The historical context includes a long-standing debate over the optimal level of taxation to promote economic prosperity and fairness. Previous tax reforms have also sought to achieve similar objectives, with varying degrees of success. The impact of these changes has been a subject of ongoing economic analysis and debate, focusing on factors such as GDP growth, employment levels, and income inequality.