#TrumpTaxCuts The Trump tax cut, officially known as the Tax Cuts and Jobs Act (TCJA), was signed into law by President Donald Trump on December 22, 2017. This sweeping tax overhaul aimed to boost economic growth, simplify the tax code, and reduce tax rates for individuals and corporations.

*Key Provisions:*

- *Individual Income Tax Changes:*

- Reduced tax rates: Seven brackets with rates ranging from 10% to 37%

- Increased standard deduction: Nearly doubled to $24,000 for married couples and $12,000 for single filers

- Limited state and local tax (SALT) deduction to $10,000

- Eliminated personal exemptions

- *Corporate Tax Changes:*

- Flat corporate tax rate of 21%

- Shifted from global to territorial tax system, taxing only income earned within the US

- One-time repatriation tax on foreign earnings

- *Other Changes:*

- Doubled the estate tax exemption to $11.2 million

- Limited mortgage interest deduction