#TrumpTaxCuts #TrumpTaxCuts

Trump’s Tax Cuts: What You Should Know

The Trump Tax Cuts, officially called the Tax Cuts and Jobs Act (TCJA) of 2017, were one of the biggest overhauls of the U.S. tax system in decades.

Key highlights:

Corporate Tax Rate: Cut from 35% to 21% — making U.S. businesses more competitive globally.

Individual Tax Rates: Lowered across most income brackets, with increased standard deductions.

Child Tax Credit: Doubled from $1,000 to $2,000 per child.

Business Investment: Companies could immediately deduct 100% of the cost of certain investments.

Pass-Through Entities: Small businesses got a 20% deduction on qualified income.

Cap on Deductions: State and local tax (SALT) deductions were capped at $10,000.