#XRPETFs The Trump tax cuts refer to the Tax Cuts and Jobs Act (TCJA), a congressional revenue act signed into law by President Donald Trump in December 2017. This law made significant changes to the US tax code, including:

Individual Income Tax: Reduced tax rates for individuals, with new brackets and rates, such as 10%, 12%, 22%, 24%, and 32% for single filers in 2018.

Standard Deduction and Family Tax Credits: Increased standard deduction and family tax credits, while eliminating personal exemptions.

Business Tax Cuts: Reduced corporate tax rate and improved international tax system.

Key Provisions and Expiration Dates:

Individual Tax Cuts: Most provisions expire in 2025, potentially increasing taxes for 62% of taxpayers.

Business Tax Cuts: Some provisions expire in 2028.

Estate Tax: Doubling of estate tax exemption.

Economic Impact:

GDP Growth: Estimated 1.1% increase in long-run GDP if TCJA provisions are extended.

Job Creation: Estimated 847,000 full-time equivalent jobs created if TCJA provisions are extended.

Debt Concerns: Extending TCJA provisions could add $4.5 trillion to the national debt over 10 years.

Current Developments:

Budget Reconciliation: The House and Senate are working on budget reconciliation to enact new tax cuts, with the House adopting the Senate's amended version of the budget resolution.

Tariffs: President Trump has proposed new tariffs, which could offset some benefits of tax cuts.