#TrumpTaxCuts It looks like you’re bringing up #TrumpTaxCuts — this typically refers to the Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump in December 2017.

Here’s a quick summary:

• Corporate tax rate: Lowered from 35% to 21%.

• Individual tax cuts: Most tax brackets were reduced; for example, the top rate dropped from 39.6% to 37%.

• Standard deduction: Nearly doubled, from $6,350 to $12,000 for single filers (and from $12,700 to $24,000 for married couples).

• State and Local Tax (SALT) deductions: Capped at $10,000, which especially impacted residents of high-tax states like New York and California.

• Child Tax Credit: Doubled from $1,000 to $2,000 per child.

• Corporate and business changes: Created a 20% deduction for certain types of small businesses (pass-through entities).

Impact:

• Supporters argue it spurred economic growth, boosted wages, and lowered unemployment.

• Critics argue it increased the federal deficit and disproportionately benefited the wealthy and corporations.

Would you like a deeper breakdown, like how it affects middle-class taxpayers, businesses, or a timeline of what parts are set to expire after 2025?