#TrumpTaxCuts

The Trump Tax Cuts usually refer to the Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump in December 2017. Major features included:

A significant cut in the corporate tax rate (from 35% to 21%).

Lower individual income tax rates across most brackets.

A near doubling of the standard deduction.

A cap on state and local tax (SALT) deductions.

Changes to deductions for mortgage interest and miscellaneous expenses.

New benefits for pass-through businesses.

Temporary nature of most individual tax cuts (set to expire after 2025 unless extended).

The effects are debated:

Supporters argue it boosted economic growth, business investment, and lowered unemployment (pre-COVID).

Critics point out it increased the federal deficit and disproportionately benefited corporations and wealthy individuals.