The Tax Cuts and Jobs Act of 2017 represented a significant overhaul of the United States federal tax code. Enacted during the Trump administration, the legislation reduced individual and corporate income tax rates, altered deductions and credits, and modified international tax rules. For instance, the corporate tax rate was lowered from 35% to 21%, and individual tax rates were reduced across several income brackets.
The enacted changes were purported to stimulate economic growth by incentivizing business investment and job creation. Proponents argued that lower taxes would lead to increased capital expenditure and higher wages for workers. The historical context includes debates regarding the distribution of benefits across different income groups and the potential impact on the national debt. The legislative changes had implications for various sectors, including manufacturing, real estate, and finance.
