#TrumpTaxCuts Tax Cuts: The TCJA lowered tax rates for individuals and corporations. The corporate tax rate was reduced from 35% to 21%.

Standard Deduction: The standard deduction for individuals was nearly doubled.

Business Tax Cuts: There are special deductions for small businesses and pass-through entities.

Elimination and Limitation of Deductions: Some tax deductions, such as for state and local taxes (SALT deduction), are limited.

Sunset Clause: Many tax cuts for individuals will expire in 2025 unless renewed by Congress.

Its official goal: to encourage economic growth, increase job creation, and investment.

Critics say: many economists argue that these cuts primarily benefit large corporations and wealthy individuals, and increase the federal budget deficit.