#TrumptaxCuts

Trump Tax Cuts (Trump Tax Cuts)

The "Trump tax cuts" usually refer to the Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump in December 2017. This major piece of legislation overhauled the U.S. tax system, with key features including a significant reduction in the corporate tax rate (from 35% to 21%), lower individual income tax rates for most brackets, an increased standard deduction, and the elimination of personal exemptions. It also introduced caps on deductions for state and local taxes (SALT). Supporters claimed it spurred economic growth and investment, while critics argued it disproportionately benefited wealthy individuals and corporations, and increased the national debt. Many provisions for individuals are set to expire in 2025 unless renewed.