#TrumpTaxCuts

The Trump Tax Cuts, also known as the Tax Cuts and Jobs Act (TCJA), were a significant overhaul of the US tax code in 2017. The legislation reduced tax rates for corporations and individuals, increased the standard deduction and family tax credits, and eliminated personal exemptions ¹.

*Key Provisions:*

- _Corporate Tax Rate:_ Reduced from 35% to 21% ¹

- _Individual Tax Rates:_ Reduced, with the top rate decreasing from 39.6% to 37% ¹

- _Standard Deduction:_ Increased to $12,000 for single filers and $24,000 for joint filers ¹

- _State and Local Tax (SALT) Deduction:_ Limited to $10,000 ¹

The TCJA also included provisions to boost economic growth, such as increasing the child tax credit and creating a new deduction for qualified business income ¹.

However, the tax cuts are set to expire at the end of 2025, and their extension is currently being debated in Congress. If the tax cuts are not extended, Americans will face a significant tax hike, with the average taxpayer seeing a 22% increase in their tax bill ².

President Trump has called for the permanent extension of the TCJA, arguing that it would deliver needed relief to Americans and boost economic growth ². However, the cost of extending the tax cuts is estimated to be around $4.5 trillion over the next decade ³.