#TrumptaxCuts The Trump Tax Cuts, also known as the Tax Cuts and Jobs Act (TCJA), were signed into law in 2017. Key aspects include ¹ ²:

- *Corporate Tax Rate Reduction*: The corporate tax rate was lowered from 35% to 21%, boosting economic growth and competitiveness.

- *Individual Tax Cuts*: Tax rates were reduced across various income brackets, with middle- and working-class Americans seeing significant tax breaks.

- *Standard Deduction and Child Tax Credit*: The standard deduction was doubled, and the Child Tax Credit was expanded, providing relief to families.

- *Economic Impact*: The TCJA is expected to increase long-run GDP by 1.1% and boost after-tax income by 2.9%.

However, the TCJA is set to expire, and without congressional action, millions of Americans may face automatic tax increases. President Trump has proposed making the tax cuts permanent and introducing new tax exemptions, such as no taxes on tips and Social Security benefits ² ³.