#TrumpTaxCuts The term "TrumpTaxCuts" refers to the tax reform legislation passed during Donald Trump's presidency, officially known as the Tax Cuts and Jobs Act (TCJA). Signed into law on December 22, 2017, it was one of the most significant pieces of tax legislation in U.S. history.

Here are some key provisions of the tax cuts:

Corporate Tax Rate: The corporate tax rate was reduced from 35% to 21%, making it one of the most significant cuts in U.S. corporate tax history.

Individual Income Taxes: It lowered individual tax rates across most income brackets, though some of these cuts were temporary, set to expire after 2025.

Standard Deduction: The standard deduction was nearly doubled, making it more beneficial for many taxpayers to file without itemizing deductions.

State and Local Tax Deduction (SALT): The law limited the SALT deduction to $10,000, which primarily affected taxpayers in high-tax states like California and New York.

Corporate Repatriation: The law introduced a one-time tax on foreign earnings held overseas, encouraging corporations to bring money back to the U.S.

Other Changes: There were changes to deductions for mortgage interest, child tax credits, and provisions for pass-through businesses (such as LLCs and partnerships).

The tax cuts were heavily debated, with supporters arguing they would stimulate economic growth, increase wages, and create jobs, while critics contended they disproportionately benefited corporations and the wealthiest Americans.