#TrumpTaxCuts

The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017, aiming to:

Reduce corporate taxes: The corporate tax rate was lowered from 35% to 21%.

Reduce individual taxes: Most individual income tax rates were lowered.

Increase the standard deduction: From approximately $6,000 to $12,000 for individuals (and $24,000 for married couples).

Reduce exemptions: Many tax deductions and credits were eliminated or reduced.

Increase the Child Tax Credit: Which helped families with children.

Adjustments to estate taxes: Raised the threshold amount of money that can be inherited before taxes are imposed.

Important note: Most individual tax cuts will expire by the end of 2025 unless extended or modified by new legislation.