#TrumpTaxCuts The "Trump Tax Cuts," formally known as the Tax Cuts and Jobs Act (TCJA) of 2017, significantly altered the U.S. tax code. Key features included:

* Corporate Tax Reduction:

* The corporate tax rate was drastically reduced from 35% to 21%.

* Individual Income Tax Changes:

* Individual income tax rates were lowered across various brackets.

* The standard deduction was increased.

* Limitations were placed on certain deductions, such as state and local tax (SALT) deductions.

* Business Provisions:

* Changes were made to depreciation rules, allowing for immediate expensing of certain investments.

* Provisions affected pass-through businesses.

The TCJA's impact has been a subject of ongoing debate. Supporters argue it stimulated economic growth, while critics point to its contribution to the national debt and its disproportionate benefits for high-income earners and corporations. Additionally, many of the individual tax cuts are set to expire in 2025, leading to current political discussions surrounding their potential extension.