#TrumpTaxCuts It seems like you're referring to "Trump tax cuts," likely the Tax Cuts and Jobs Act (TCJA) of 2017, which was a major tax reform passed during Donald Trump's presidency. Here’s a brief overview:
### **Key Points of the Trump Tax Cuts (TCJA 2017):**
1. **Corporate Tax Rate Cut** – Reduced from 35% to **21%**.
2. **Individual Tax Changes** – Lowered marginal rates across brackets (e.g., top rate fell from 39.6% to 37%).
3. **Standard Deduction Increase** – Nearly doubled (e.g., $12,000 → $24,000 for married couples).
4. **SALT Deduction Cap** – Limited state and local tax deductions to **$10,000** (impacting high-tax states like NY, CA).
5. **Pass-Through Business Deduction** – Allowed 20% deduction for certain business income.
6. **Estate Tax Exemption Increase** – Doubled to ~$11 million per person (~$22M for couples).
7. **Individual Mandate Repeal** – Removed the Affordable Care Act's penalty for not having health insurance.
### **Controversies & Criticisms:**
- **Benefited Wealthy & Corporations** – Critics argue the cuts disproportionately helped high earners and big businesses.
- **Temporary vs. Permanent** – Many individual cuts expire after **2025**, while corporate cuts are permanent.
- **Deficit Impact** – The tax cuts were projected to add ~$1.9 trillion to the national debt over a decade.
### **Current Status (2024):**
- Some provisions (like lower individual rates) are set to expire after **2025** unless extended by Congress.
- President **Joe Biden** has proposed raising taxes on corporations and high earners to offset extensions.