#TrumpTaxCuts The #TrumpTaxCuts, formally the Tax Cuts and Jobs Act of 2017, significantly altered the U.S. tax code. Key features included:

* Lowering the corporate tax rate from 35% to 21%.

* Reducing individual income tax rates across various brackets.

* Increasing the standard deduction.

* Limiting deductions for state and local taxes.

Supporters argued these cuts would stimulate economic growth, create jobs, and increase wages. Critics expressed concerns about the disproportionate benefits for wealthy individuals and corporations, and the potential for increased national debt. The effects of these tax cuts remain a subject of ongoing debate among economists. Also the expiration of many of the individual tax cuts is scheduled for 2025, which is causing much political debate.