George W. Bush (Tax Cuts and Jobs Act)

The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, was a significant tax reform under President Donald Trump, not George W. Bush. It aimed to reduce tax rates for individuals and businesses, doubling the standard deduction and eliminating personal exemptions. Corporate tax rates were cut from 35% to 21%. The legislation intended to stimulate economic growth and job creation, but critics argued it primarily benefited the wealthy and increased the national deficit. While it marked a shift in the U.S. tax policy landscape, it was distinct from George W. Bush’s earlier tax cuts in the early 2000s.