#TrumpTaxCuts

The Trump Tax Cuts, approved in 2017 as the Tax Cuts and Jobs Act (TCJA), reduced the corporate tax rate from 35% to 21% and lowered taxes for many individuals. The standard deduction doubled and some deductions were limited. These changes aimed to boost economic growth and create jobs. However, the cuts primarily benefited higher incomes and increased the public deficit. The tax reductions for individuals are set to expire in 2025 unless extended.

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