#TrumpTaxCuts The Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump in 2017, had significant effects on the US tax system. Here are some key aspects:

- *Individual Tax Cuts*: The TCJA nearly doubled the standard deduction, increased child tax credits, and reduced tax rates across several brackets. These changes are set to expire after 2025 unless extended.

- *Business Tax Cuts*: The corporate tax rate was permanently reduced from 35% to 21%. Additionally, pass-through businesses (like partnerships and S corporations) received a new deduction of up to 20% on qualified business income.

- *Economic Impact*: Proponents argue that the TCJA boosted economic growth, increased investments, and created jobs. Critics claim that the benefits disproportionately favored corporations and wealthy individuals, contributing to increased income inequality and budget deficits.

- *Sunsetting Provisions*: Many individual tax cuts are scheduled to expire after 2025, which could lead to higher taxes for some taxpayers unless Congress acts to extend or make them permanent.

The TCJA's impact varies depending on individual circumstances, and its legacy continues to influence tax policy debates .