#TrumpTaxCuts

The "Trump Tax Cuts" primarily refer to the Tax Cuts and Jobs Act (TCJA), enacted in 2017. Here's a breakdown of key aspects:

Key Components of the TCJA:

* Corporate Tax Cuts:

* The corporate tax rate was significantly reduced from 35% to 21%.

* Individual Income Tax Changes:

* Individual income tax rates were lowered across various tax brackets.

* The standard deduction was increased.

* Changes were made to various deductions and credits, including limitations on state and local tax (SALT) deductions.

* Business Tax Changes:

* Included changes to depreciation rules, allowing for immediate expensing of certain investments.

* Changes to how pass-through businesses (like partnerships and sole proprietorships) are taxed.

Key Points to Consider:

* Expiration:

* Many of the individual income tax provisions of the TCJA are set to expire at the end of 2025. This has become a significant point of political debate.

* Economic Impact: