#TrumpTaxCuts

Trump Tax Cuts (TCJA - 2017):

Individual Rates: Lowered; expire end of 2025, then revert higher.

Standard Deduction: Doubled; will shrink.

Child Tax Credit: $2,000; drops to $1,000.

AMT: Fewer affected now; more will be after expiration.

Estate Tax Exemption: Doubled; will halve.

QBI Deduction: 20% pass-through cut; ends 2025.

Impact if Expired:

Middle Class: ~$3,000 more taxes yearly.

Small Businesses: Lose major deduction.

Estates: More taxable.

Republican Proposals:

Extend cuts.

End tax on tips and Social Security.

Raise SALT deduction cap.

Challenges:

Estimated $4.6 trillion added debt.

Democratic opposition over deficits and spending cuts.

Want a simple timeline too?