#TrumptaxCuts Understanding the #TrumpTaxCuts: An Overview
The Tax Cuts and Jobs Act (TCJA), often referred to as the Trump Tax Cuts, was a sweeping tax reform enacted in December 2017. Designed to stimulate economic growth and simplify the tax code, the legislation introduced significant changes to both individual and corporate taxation in the United States.
Key Features of the Trump Tax Cuts
1. Individual Tax Rates:
Reduced income tax rates across several brackets.
Nearly doubled the standard deduction, benefiting many taxpayers.
Eliminated personal exemptions.