#TrumpTaxCuts

The TTC refer to the Tax Cuts and Jobs Act (TCJA), a comprehensive tax reform law enacted on December 22, 2017, during President Donald Trump's administration. This legislation represented the most significant overhaul of the U.S. tax code in over three decades.

### Key Provisions of the TCJA

- **Corporate Tax Rate Reduction**: The TCJA permanently lowered the corporate tax rate from 35% to 21%, aiming to enhance U.S. business competitiveness and encourage domestic investment.

- **Individual Tax Rate Adjustments**: The law reduced individual income tax rates across various brackets, with the top rate decreasing from 39.6% to 37%. However, these individual tax cuts are set to expire after 2025 unless extended by future legislation. ([What Is the Tax Cuts and Jobs Act (TCJA)?](https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/?utm_source=chatgpt.com))

- **Standard Deduction Increase**: The standard deduction nearly doubled, simplifying tax filing for many households.

- **Elimination of Personal Exemptions**: Personal exemptions were suspended, which, combined with the increased standard deduction, affected taxpayers differently depending on family size.

- **State and Local Tax (SALT) Deduction Cap**: The TCJA capped the SALT deduction at $10,000, impacting taxpayers in high-tax states.

- **Child Tax Credit Expansion**: The law increased the child tax credit to $2,000 per qualifying child, with a portion refundable.