#TrumpTaxCuts

The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were enacted in 2017. They reduced corporate tax rates from 35% to 21%, benefiting businesses significantly. Individual tax rates were also lowered, and the standard deduction was doubled, simplifying tax filings for many Americans. However, these cuts increased the federal deficit and were criticized for disproportionately favoring the wealthy. Many provisions, especially those affecting individuals, are set to expire in 2025, sparking debates about their long-term impact on the economy and fiscal health. The TCJA remains one of the most sweeping tax reforms in decades.$TRUMP