#TrumptaxCuts

The Trump Tax Cuts, formally known as the Tax Cuts and Jobs Act (TCJA), were signed into law by President Donald Trump in December 2017. Key highlights include:

• Corporate Tax Rate: Slashed from 35% to 21%

• Individual Tax Rates: Reduced across multiple income brackets

• Standard Deduction: Doubled to $12,000 for individuals and $24,000 for married couples

• State and Local Tax (SALT) Deduction: Capped at $10,000

• Pass-Through Business Income: 20% deduction for eligible businesses

The goal of the TCJA was to spur economic growth, boost U.S. competitiveness, and deliver tax relief to both individuals and businesses.

However, its true impact remains hotly debated among economists and policymakers.