#TrumpTaxCuts The #TrumpTaxCuts, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, significantly changed the U.S. tax system. Key measures included lowering the corporate tax rate from 35% to 21%, revising individual tax brackets, and doubling the standard deduction. The law also capped state and local tax (SALT) deductions at $10,000. Supporters claim it boosted economic growth and job creation, while critics argue it favored the wealthy and expanded the federal deficit. As parts of the cuts are set to expire, debates continue in 2025 over whether to extend them or adjust the tax system further.