#TrumpTaxCuts It looks like you're asking about Trump tax cuts — often referring to the Tax Cuts and Jobs Act (TCJA), which was signed into law by President Donald Trump in December 2017.

Here’s a quick overview:

Individual Tax Rates: The TCJA lowered most individual income tax rates (e.g., the top rate dropped from 39.6% to 37%). It also nearly doubled the standard deduction and eliminated personal exemptions.

Corporate Taxes: It permanently slashed the corporate tax rate from 35% to 21%, a major shift designed to boost U.S. corporate competitiveness.

Pass-Through Businesses: Small businesses and certain partnerships received a 20% deduction on qualified income.

Estate Tax: The exemption threshold for estate taxes roughly doubled (making it easier for wealthy families to pass on assets without paying federal estate tax).

Child Tax Credit: It increased from $1,000 to $2,000 per child, with higher income limits.

State and Local Tax (SALT) Deduction: It capped the SALT deduction at $10,000, which particularly affected high-tax states like New York and California.

Expiration: Most of the individual tax cuts are set to expire after 2025 unless Congress acts to extend them. The corporate cuts are permanent.

Impact:

Boosted GDP in the short term but contributed to a significant rise in the federal deficit.

Benefits were skewed more heavily toward higher-income households and corporations according to most analyses.

Stimulated stock market gains and corporate share buybacks.

Would you like a deeper breakdown — like how the cuts affected different income groups, the economy, or what’s happening now in 2025 about their expiration?