#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 slashed from 35% to 21%.

Individual Income Tax Changes:

Individual income tax rates were lowered, though these provisions are set to expire in 2025.

Changes were made to various deductions and credits, including the child tax credit.

Estate Tax:

The estate tax exemption was temporarily doubled.

The TCJA's impact remains a subject of debate. Proponents argued it would stimulate economic growth, while critics expressed concerns about its effects on the national debt and income inequality.

Currently there are ongoing discussions regarding the extension of portions of the tax cuts.