#TrumpTaxCuts #TrumpTaxCuts

The term "Trump tax cuts" primarily refers to the Tax Cuts and Jobs Act (TCJA) of 2017, signed into law by then-President Donald Trump. Below is a breakdown of its main components and ongoing discussions:  

Main components of the TCJA:

Individual income tax cuts:

Reduction in income tax rates across most tax brackets.  

Nearly doubling the standard deduction.  

Increase in the child tax credit.  

These individual tax cuts are set to expire at the end of 2025.