Monday is the first Tax Day under the new rules of the Tax Cuts and Jobs Act, but Americans have been adapting to the law since it passed in late 2017. Here's what we can — and can't — say about how President Donald Trump's tax cuts have impacted the economy so far. Corporate taxes fell off a cliff, fueling deeper deficitsOne of the central features of the Tax Cuts and Jobs Act was a drop in the corporate income tax rate, from 35% to 21%. The impact that's unseenMost of the true impact of the Tax Cuts and Jobs Act is still yet to be felt. Tax cuts can help ease the impact of economic downturns, and now, there's a lot less room to use them.

Source: CNN April 15, 2019 11:19 UTC