Trump's tax cuts, part of the 2017 Tax Cuts and Jobs Act (TCJA), aim to boost economic growth by reducing corporate and individual tax rates. Key features include:
- *Lower corporate tax rate*: 21% (down from 35%)
- *Individual tax rate cuts*: Reduced rates across various income brackets
- *Increased standard deduction*: Doubling the standard deduction to $12,000 (single) and $24,000 (joint)
The TCJA's impact and potential extension or modification are ongoing topics of discussion.