#TrumpTaxCuts
Trump Tax Cuts (TCJA - 2017):
Individual Rates: Lowered; expire end of 2025, then revert higher.
Standard Deduction: Doubled; will shrink.
Child Tax Credit: $2,000; drops to $1,000.
AMT: Fewer affected now; more will be after expiration.
Estate Tax Exemption: Doubled; will halve.
QBI Deduction: 20% pass-through cut; ends 2025.
Impact if Expired:
Middle Class: ~$3,000 more taxes yearly.
Small Businesses: Lose major deduction.
Estates: More taxable.
Republican Proposals:
Extend cuts.
End tax on tips and Social Security.
Raise SALT deduction cap.
Challenges:
Estimated $4.6 trillion added debt.
Democratic opposition over deficits and spending cuts.
Want a simple timeline too?
