#TrumpTaxCuts What are the Trump Tax Cuts?

The Tax Cuts and Jobs Act (TCJA) was a major overhaul of the US tax code signed into law by President Donald Trump in 2017. The law lowered corporate and individual tax rates, doubled the standard deduction, and implemented other changes to the tax code.

Key Changes:

Corporate Tax Rate: Reduced from 35% to 21%

Individual Tax Rate: Reduced from 7 brackets to 7 brackets with lower rates (10%, 12%, 22%, 24%, 32%, 35%, and 37%)

Standard Deduction: Doubled to $12,000 for single filers and $24,000 for joint filers

Estate Tax: Doubled the exemption amount to $11.2 million per individual

State and Local Taxes (SALT): Limited to $10,000