#TrumpTaxCuts #TrumpTaxCuts The "Trump Tax Cuts" refers primarily to the Tax Cuts and Jobs Act (TCJA), which was signed into law by President Donald Trump in December 2017. This legislation brought about significant changes to the U.S. tax code, impacting both individuals and corporations. Here's a breakdown of key aspects:

Key Components of the Tax Cuts and Jobs Act (TCJA):

* Corporate Tax Reductions:

* A major provision was the reduction of the corporate tax rate from 35% to 21%.

* Individual Income Tax Changes:

* The TCJA also adjusted individual income tax rates and brackets.

* It increased the standard deduction.

* It altered various deductions and credits, including the child tax credit.

* Changes to Deductions:

* The act placed limits on certain deductions, such as the state and local tax (SALT) deduction.

* Expiration of Provisions:

* Many of the individual income tax provisions of the TCJA are scheduled to expire at the end of 2025q