#TrumpTaxCuts

The Trump tax cuts, formally known as the Tax Cuts and Jobs Act (TCJA) of 2017, significantly reduced corporate tax rates from 35% to 21% and lowered individual income tax rates across most brackets. It doubled the standard deduction and expanded the child tax credit but capped state and local tax (SALT) deductions. The cuts aimed to stimulate economic growth, boost business investment, and increase worker wages. Critics argue it disproportionately benefited corporations and wealthy individuals, while adding trillions to the national debt. Most individual provisions are set to expire in 2025 unless renewed by Congress.