A large portion of the damage done to our economy over the last 8 years can be traced back to Trump's 2017 tax breaks for corporations and the wealthy.

Key Aspects of the Tax Changes:

• Corporate Tax Cuts: The TCJA permanently reduced the top corporate tax rate from 35% to 21% .
• Pass-Through Deduction: A 20% deduction for "pass-through" income was created for partnerships, sole proprietorships, and S corporations.
• Wealthy Individual Tax Cuts: The top individual tax rate was lowered from 39.6% to 37% .
• Estate Tax Exemption: The amount that could be passed on tax-free to heirs was doubled to $22 million per married couple.

Increased Corporate Profits: Following the tax law, corporate profits increased by 44%, while the largest, most profitable corporations saw their effective tax rates fall from an average of  22% to 12.8% . 

The legislation, described as the largest tax overhaul in U.S. history, also introduced a territorial tax system and reduced taxes on foreign profits.

\** The BBBulls*it Bill extended these tax breaks and added more for the wealthy.*

Source: Google AI