#TrumpTaxCuts The "Trump Tax Cuts" generally refers to the Tax Cuts and Jobs Act (TCJA), which was signed into law by President Donald Trump in December 2017. Here's a breakdown of key aspects:

Key Components of the TCJA:

* Corporate Tax Cuts:

* The most significant change was a sharp reduction in the corporate income tax rate, from 35% to 21%.

* Individual Income Tax Changes:

* The law also made changes to individual income tax rates, though these changes are set to expire at the end of 2025.

* It increased the standard deduction and made adjustments to various deductions and credits.

* It altered the child tax credit.

* Other Provisions:

* The TCJA also included changes to the estate tax and international tax rules.

Current Situation and Future Considerations:

* A crucial point of discussion is that many of the individual tax cuts enacted under the TCJA are scheduled to expire at the end of 2025.