When discussing the tenure of any U.S. president, it’s essential to take an objective look at their accomplishments. Donald Trump, the 45th president of the United States, had a presidency filled with significant milestones and policy shifts. Here, we’ll delve into some of the most notable accomplishments during Trump’s time in office.
- Tax Cuts and Jobs Act: One of the most significant legislative achievements of the Trump administration was the Tax Cuts and Jobs Act of 2017. This act reduced the corporate tax rate from 35% to 21% and made various changes to individual tax rates, aiming to stimulate economic growth.
- Criminal Justice Reform: The First Step Act, signed into law in December 2018, was a bipartisan effort to reform the criminal justice system. It aimed to make the system more equitable by reducing mandatory minimum sentences for certain non-violent offenses and providing inmates with more opportunities for rehabilitation.
- Trade and Tariffs: Trump took a hard stance on trade, renegotiating deals and imposing tariffs on various goods. One of his most notable achievements in this area was the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA).
- Foreign Policy and Diplomacy: The Trump administration saw historic meetings with North Korean leader Kim Jong-un, aiming to denuclearize the Korean Peninsula. While the long-term outcomes remain to be seen, these summits marked a significant shift in U.S.-North Korea relations.
- Deregulation: The Trump administration prioritized reducing regulations across various sectors, arguing that this would stimulate economic growth. By the end of his term, many federal regulations had been rolled back or modified to be less restrictive.
- Space Force: In 2019, Trump officially launched the U.S. Space Force as the sixth branch of the U.S. military. This move aimed to ensure American dominance in space and address potential threats.
- Veterans Affairs Reform: The VA MISSION Act, signed in 2018, was a significant step towards improving healthcare services for veterans. It expanded access to private healthcare and streamlined existing VA programs.
- Tax Cuts and Jobs Act: Donald Trump did not pass a law that completely exempts individuals from paying taxes when transferring businesses to family members. However, the Tax Cuts and Jobs Act (TCJA) of 2017, which was signed into law by President Trump, made significant changes to the estate and gift tax system.One of the notable changes was the doubling of the estate tax exemption. Before the TCJA, each person could leave $5.49 million to heirs and pay no federal estate or gift tax. The TCJA doubled that exemption to roughly $11 million for individuals and $22 million for couples. This means that individuals and couples could transfer larger amounts of wealth, including businesses, to their heirs without triggering the federal estate tax.
However, it’s important to note that this provision is set to revert back to pre-TCJA levels after 2025 unless Congress takes further action.
Additionally, there are other taxes and considerations when transferring a business, such as capital gains taxes and state inheritance taxes. It’s always recommended to consult with a tax professional or attorney when considering such transfers.
My Final Word, regardless of one’s political stance, it’s undeniable that Donald Trump’s presidency was marked by several key policy shifts and accomplishments. From economic reforms to foreign policy initiatives, the Trump administration left a lasting impact on the nation’s landscape