#TrumpTaxCuts Trump Tax Cuts refers mainly to the Tax Cuts and Jobs Act (TCJA), a tax law that former President Donald Trump signed at the end of 2017.

Here’s a summary of the important points:

• Reduced taxes for corporations (lowering the corporate tax rate from 35% to 21%).

• Reduced tax rates for many individuals, although temporarily (until 2025, unless renewed).

• Increased the standard deduction (which meant fewer people needed to itemize their expenses on their tax returns).

• Limited state and local deductions (such as the famous $10,000 cap on state taxes, known as the "SALT cap").

• Benefited the wealthiest more in terms of absolute savings, although it also provided cuts to the middle class.

• By 2025, many cuts for individuals will expire, but cuts for corporations are permanent, unless changed by another law.