It looks like you're mentioning #TrumpTaxCuts — that's typically a reference to the Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump in December 2017.
Here’s a quick overview:
Corporate tax rate was lowered from 35% to 21%.
Individual tax rates were generally lowered across income brackets, though some deductions (like the state and local tax deduction, or SALT) were capped.
Standard deduction was nearly doubled.
Child tax credit was expanded.
Estate tax exemption was doubled.
Most individual provisions are scheduled to expire after 2025, while corporate cuts are permanent unless changed by future legislation.
The TCJA was controversial:
Supporters argued it stimulated economic growth, increased take-home pay, and boosted business investment.
Critics claimed it primarily benefited corporations and the wealthy, increased the national debt, and had mixed effects on middle- and lower-income families.
Would you like a deeper breakdown of how it affected specific groups (like middle class vs wealthy vs businesses)?
Or are you thinking about how it might affect elections, taxes in 2025, or something else?
