#TrumptaxCuts

The hashtag #TrumpTaxCuts generally refers to the Tax Cuts and Jobs Act (TCJA) signed by President Donald Trump in December 2017. Here’s an overview:

#TrumpTaxCuts: Key Facts and Impacts

1. Overview of the Law

Officially known as the Tax Cuts and Jobs Act (TCJA).

Enacted in December 2017 and took effect in 2018.

This law is considered one of the most significant changes to U.S. tax law since 1986.

2. Key Provisions

Corporate tax rate: Reduced from 35% to 21%.

Individual tax brackets: Rates were lowered for most income brackets.

Standard deduction: Nearly doubled.

Child tax credit: Increased from $1,000 to $2,000 per child.

State and local tax (SALT) deduction: Limited to a maximum of $10,000.

Pass-through deduction: 20% deduction for certain small business income.

Estate tax exemption: Doubled.