#TrumpTaxCuts The Trump tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were signed into law by President Donald Trump on December 22, 2017. This sweeping tax overhaul has several key elements ¹:

- *Individual Income Tax Changes:*

- *Tax Brackets:* Seven income tax brackets remain, but with lower rates and changed income ranges. For example, the corporate tax rate was reduced to a flat 21%.

- *Standard Deduction:* Nearly doubled to $24,000 for married couples and $12,000 for single filers.

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

- *State and Local Tax (SALT) Deduction:* Capped at $10,000.

- *Corporate Tax Changes:*

- *Corporate Tax Rate:* Reduced to a flat 21% rate.

- *Territorial Tax System:* The US switched from a global to a territorial tax system, taxing corporations only on income earned within the country.

- *Other Provisions:*

- *Estate Tax:* Exemption level increased to $11.2 million for individuals and $22.4 million for married couples.

- *Alternative Minimum Tax (AMT):* Exemption levels increased, reducing the number of taxpayers subject to AMT.