#TrumpTaxCuts Here are the main points about the Trump Tax Cuts (Tax Cuts and Jobs Act - TCJA):

1. Corporate Tax Rate Cut:

Reduced from 35% to 21%, the largest cut in U.S. history.

2. Individual Tax Cuts:

Lowered personal income tax rates and doubled the standard deduction (set to expire in 2025).

3. Repeal of the ACA Individual Mandate:

Removed the penalty for not having health insurance.

4. SALT Deduction Cap:

Capped state and local tax deductions at $10,000, affecting high-tax states.

5. Economic Impact:

Boosted GDP and lowered unemployment initially; critics argue it favored the wealthy and increased inequality.

6. Federal Deficit:

Added an estimated $1.5 trillion to the deficit over 10 years.

7. Future Outlook:

Ongoing debate in Congress about whether to extend or modify the individual tax cuts beyond 2025.