#TrumpTaxCuts

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The 2017 Tax Cuts and Jobs Act (TCJA), enacted under President Trump, significantly overhauled the U.S. tax system. It permanently reduced the corporate tax rate from 35% to 21% and temporarily lowered individual tax rates, set to expire after 2025 unless extended. The TCJA also capped state and local tax (SALT) deductions at $10,000 and doubled the standard deduction. (What Is the Tax Cuts and Jobs Act (TCJA)?, Will Trump and Congress Extend TCJA Tax Cuts?)

In 2025, efforts are underway to make these individual tax cuts permanent. However, this initiative faces challenges due to projected costs of up to $4.6 trillion and concerns about increasing the national debt. (Republicans sprint to wrap up Trump's tax bill, What Trump's next 100 days will mean for taxes, markets and your wallet)

Analyses suggest that extending the TCJA could boost long-term economic output by 1.1%, but would also raise the debt-to-GDP ratio significantly. Critics argue that the benefits disproportionately favor high-income households, with the top 1% receiving a 3.2% increase in after-tax income, compared to 1.3% for the middle 20%. (Making the Tax Cuts and Jobs Act (TCJA) Permanent: Analysis, Both Sides Spin Who Would Benefit from Extending Trump Tax Cuts)

The debate over the TCJA's extension highlights the tension between stimulating economic growth and managing fiscal responsibility. (Making the Tax Cuts and Jobs Act (TCJA) Permanent: Analysis)