#TrumpTaxCuts

Corporate Tax Reduction: The corporate tax rate has been reduced from 35% to 21%, aimed at stimulating investment and supporting employment.

Individual Tax Adjustments: The adjustments included lowering tax rates for most brackets and increasing the standard deduction, while reducing some traditional tax exemptions.

Limitation on State and Local Tax (SALT) Deduction: The maximum deduction has been capped at $10,000, which has particularly impacted taxpayers in high-tax states.

Changes to Estate and Small Business Taxes: The exemption for estate taxes has been raised and facilitation for small businesses has been increased.

Economic Impacts:

Supporters believe that the reductions have contributed to stimulating economic growth, lowering unemployment rates, and increasing corporate profits.

Opponents, however, believe that it has led to widening the gap between the rich and the poor and significantly increased the federal budget deficit.

It is worth noting that individual tax cuts are temporary and will expire by 2025, while the corporate tax cuts are permanent.