#TrumpTaxCuts 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.