#TrumpTaxCuts

Trump's Tax Cuts: What's Happening Now?

The Trump-era Tax Cuts and Jobs Act (TCJA), passed in 2017, brought sweeping changes to the U.S. tax system — slashing corporate tax rates and lowering individual taxes. However, while corporate cuts were made permanent, most individual tax breaks are set to expire by the end of 2025.

Now, former President Trump and Republican lawmakers are pushing to extend and expand these cuts.

Key Highlights:

Corporate tax rate was permanently reduced from 35% to 21%.

Individual tax rates were lowered, but only temporarily — set to expire after 2025.

Standard deduction was nearly doubled, simplifying tax filing.

Child Tax Credit was expanded, offering families more relief.

SALT deduction was capped at $10,000, affecting high-tax states.

What’s Being Proposed Now?

Making the individual tax cuts permanent.

Eliminating taxes on tips, Social Security income, and overtime pay.

New proposals could cost between $4.5 trillion and $9 trillion over the next decade.

Why It Matters:

If the cuts expire, the average taxpayer could face a 22% tax increase.

Families could see an average $1,700 increase in their annual tax bill.

About 26 million small businesses could also face higher taxes.

The Debate: Supporters argue extending the tax cuts will fuel economic growth. Critics warn that without spending cuts, it could significantly increase the national debt — putting pressure on programs like Medicaid and Social Security.

Bottom Line: The battle over the Trump tax cuts is heating up. The decisions made in the next few months could have a major impact on American taxpayers, businesses, and the economy for years to come.

#TrumpTaxCuts #Taxes #Economy #TCJA #BreakingNews