#TrumpTaxCuts
1.TrumpTaxCuts refers to the Tax Cuts and Jobs Act (TCJA) signed by President Donald Trump in December 2017.
2. It was the largest overhaul of the U.S. tax code in over 30 years.
3. The law lowered the corporate tax rate from 35% to 21%.
4. It also reduced individual income tax rates across several brackets.
5. Supporters argued the cuts would boost economic growth and create jobs.
6. Critics said the cuts favored corporations and the wealthy.
7. Middle-class families did receive modest tax relief, though temporary.
8. Most individual tax cuts are set to expire after 2025.
9. Corporations received permanent tax cuts.
10. The bill also doubled the standard deduction for individuals.
11. Child tax credits were expanded under the TCJA.
12. Some deductions, like the SALT deduction, were capped.
13. The Alternative Minimum Tax (AMT) was adjusted to affect fewer taxpayers.
14. The estate tax exemption was doubled, benefiting wealthier households.
15. Pass-through businesses received a 20% income deduction.
16. The bill aimed to simplify the tax filing process.
17. A major talking point was "file your taxes on a postcard."
18. Economic growth spiked shortly after the tax cuts.
19. Critics argued growth would have happened anyway.
20. Deficits and national debt increased following the tax cuts.