#TrumpTaxCuts #TrumpTaxCuts — referring to the Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump in December 2017.

Here's a quick breakdown:

It lowered the corporate tax rate from 35% to 21%.

It cut individual income tax rates across many brackets (although the cuts for individuals are scheduled to expire after 2025 unless extended).

It doubled the standard deduction and eliminated personal exemptions.

It capped the state and local tax (SALT) deduction at $10,000.

It was marketed as a boost for middle-class families and businesses, though critics argue that it disproportionately benefited the wealthy and corporations.

The economic effects are still debated: some credit it with boosting short-term economic growth; others criticize it for increasing the national deficit without creating sustained wage growth.