#TrumpTaxCuts The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), have had significant implications for the U.S. economy and taxpayers. Here are some key points to consider:

Revenue Impact: The TCJA is projected to decrease federal tax revenue by $4.5 trillion from 2025 through 2034. However, it is expected to increase long-run GDP by 1.1%, which could offset about $710 billion of the revenue loss.

Tax Rate Changes: Major elements of the TCJA include:

Reducing tax rates for both corporations and individuals.

Increasing the standard deduction and family tax credits.

Tax Hikes for Some: If the Trump tax cuts are not extended, the average taxpayer could face a 22% tax hike, amounting to about $4 trillion overall. For an average family of four, this could mean an increase of approximately $1,700.