#TrumpTaxCuts The Tax Cuts and Jobs Act (TCJA) of 2017, commonly called the #TrumpTaxCuts, was a major overhaul of the U.S. tax code. Here’s a breakdown of its key aspects:

Key Provisions

- Corporate Tax Cut : Reduced rates from 35% to 21%, boosting business profits.

- Individual Tax Cuts : Lowered income tax brackets, nearly doubling the standard deduction.

- Pass-Through Deduction : Allowed small businesses (LLCs, S-corps) to deduct 20% of qualified income.

- Estate Tax Relief : Doubled the exemption threshold (to ~$11M per individual).

Economic Impact

- Short-Term Growth : GDP rose, unemployment hit 50-year lows, and stocks surged.

- Deficit Concerns : Federal debt increased by $1.9T+ over a decade (CBO estimate).

- Wage Growth Debate : Critics argue benefits skewed toward corporations over workers.

Political Divide

- Supporters credit it for pre-pandemic economic strength.

- Opponents call it a giveaway to the wealthy that worsened inequality.