#TrumpTaxCuts The "Trump Tax Cuts" refers to the Tax Cuts and Jobs Act (TCJA), enacted in 2017 during Donald Trump's presidency. This legislation brought significant changes to the U.S. tax code, impacting both individuals and corporations. Here's a breakdown of key aspects:

Key Features of the TCJA:

* Corporate Tax Reductions:

* The corporate tax rate was significantly reduced from 35% to 21%.

* Individual Income Tax Changes:

* Individual income tax rates were lowered across various tax brackets.

* The standard deduction was increased.

* Limitations were placed on certain deductions, such as state and local tax (SALT) deductions.

* The Child Tax Credit was expanded.

* Expiration of Provisions:

* Many of the individual income tax provisions are set to expire in 2025.