This podcast episode explores the 2017 tax cuts and their impact on corporate taxation, small businesses, and individuals. The Trump administration aimed to incentivize multinational companies to keep their businesses in the US by reducing the corporate tax rate, while small businesses were able to deduct 20% from their personal tax payments. The tax cuts also expanded tax credits for families with more children. However, controversy surrounded the state and local tax deduction, and the bill was passed along party lines. The cost of the bill was approximately $1.5 trillion, raising concerns about the rising national debt. The ongoing debate over tax cuts is discussed, with advisors pitching ideas for bigger tax cuts to President Trump and Biden's campaign having a multi-page tax plan that includes raising taxes on corporations and high earners. The potential consequences of increasing the national debt and the divide between Republicans and Democrats over whether tax cuts should add to the deficit or be paid for are also explored.
