#TrumpTaxCuts , officially called the Tax Cuts and Jobs Act (TCJA) of 2017, were a major overhaul of the U.S. tax system. Here’s a quick take:

For individuals: It lowered income tax rates across most brackets, nearly doubled the standard deduction, and capped deductions for state and local taxes (SALT). While many middle-income earners saw short-term benefits, the cuts for individuals are set to expire after 2025.

For corporations: It slashed the corporate tax rate from 35% to 21%, aiming to boost business investment and economic growth. Companies generally benefited a lot, leading to stock buybacks and higher profits.