#TrumpTaxCuts The **Trump tax cuts**, officially known as the **Tax Cuts and Jobs Act (TCJA) of 2017**, were a major overhaul of the U.S. tax code signed into law by President Donald Trump. Here’s a breakdown of key aspects:

### **Key Provisions:**

1. **Corporate Tax Cuts**

- Reduced the corporate tax rate from **35% to 21%** (permanent).

- Allowed immediate **full expensing** of capital investments (phased out after 2022).

2. **Individual Tax Changes** (mostly temporary, expiring after **2025**)

- Lowered most income tax brackets (e.g., top rate dropped from **39.6% to 37%**).

- Doubled the **standard deduction** (to $12,000 single / $24,000 married).

- Limited **state and local tax (SALT) deductions** to $10,000.

- Expanded the **Child Tax Credit** (from $1,000 to $2,000 per child).