Severity 4 — Severe💰 economy22 December 2017

Tax Cuts and Jobs Act — Permanent Corporate Cuts, Temporary Household Ones

The 2017 tax law permanently cut the corporate tax rate from 35% to 21% while making individual income tax cuts temporary, set to expire by 2025 — a structure that concentrated the durable benefit on corporations and high earners while adding an estimated $1.5–2 trillion to the deficit over a decade.

Republican Party logo

Donald Trump — Republican Party

In power 2017–2021

Source

Tax Foundation — Tax Cuts and Jobs Act

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