#TrumpTaxCuts The Trump tax cuts usually refer to the Tax Cuts and Jobs Act (TCJA), a major piece of legislation signed into law by President Donald Trump on December 22, 2017. Here's a quick overview:
Individual Tax Changes:
Lowered income tax rates across most brackets.
Nearly doubled the standard deduction.
Eliminated personal exemptions.
Capped state and local tax (SALT) deductions at $10,000.
Increased the child tax credit.
Made changes to deductions like mortgage interest and medical expenses.
Important: Most individual tax cuts are temporary, expiring after 2025 unless renewed.
Corporate Tax Changes:
Slashed the corporate tax rate from 35% to 21% permanently.
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Shifted to a more "territorial"
