#TrumpTaxCuts

The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were signed into law by President Donald Trump on December 22, 2017. The TCJA made significant changes to the US tax code, affecting individuals, businesses, and estates. Here are some key aspects:

- *Individual Tax Changes*: The TCJA nearly doubled the standard deduction, limited state and local tax (SALT) deductions, and reduced tax rates across several brackets.

- *Business Tax Changes*: The TCJA lowered the corporate tax rate from 35% to 21%, allowed for immediate expensing of certain capital investments, and limited interest deductions.

- *Estate Tax Changes*: The TCJA doubled the estate tax exemption, reducing the number of estates subject to tax.

The TCJA's impact has been debated, with proponents arguing it boosted economic growth and opponents claiming it disproportionately benefited wealthy individuals and corporations. The law's provisions are set to expire or change in the coming years, potentially affecting future tax policies.