#TrumpTaxCuts [4/28, 5:58 PM] Meta AI: The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were enacted in 2017 and are set to expire partially in 2025 and further in 2028. Here are some key points about the TCJA:
Key Provisions
- *Individual Income Tax Cuts*: Reduced tax rates for individuals, increased standard deduction, and family tax credits. Most of these cuts are set to expire in 2025.
- *Corporate Tax Cuts*: Reduced corporate tax rate, which is not set to expire.
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[4/28, 5:58 PM] Meta AI: The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were enacted in 2017 and are set to expire partially in 2025 and further in 2028. Here are some key points about the TCJA:
Key Provisions
- *Individual Income Tax Cuts*: Reduced tax rates for individuals, increased standard deduction, and family tax credits. Most of these cuts are set to expire in 2025.
- *Corporate Tax Cuts*: Reduced corporate tax rate, which is not set to expire.
- *State and Local Tax (SALT) Deduction*: Limited deductions for state and local income taxes and property taxes.
- *Estate Tax Exemption*: Doubled the estate tax exemption.
Economic Impact
- Extending the expiring TCJA provisions would decrease federal tax revenue by $4.5 trillion from