#TrumpTaxCuts The term #TrumpTaxCuts typically refers to the Tax Cuts and Jobs Act (TCJA), enacted in 2017 during President Donald Trump's first term. This legislation introduced significant changes to the U.S. tax code, including:

Lowering corporate tax rates from 35% to 21%.

Reducing individual income tax rates across various brackets.

Doubling the standard deduction and limiting certain itemized deductions, notably capping the State and Local Tax (SALT) deduction at $10,000.

Providing tax relief for pass-through businesses and modifying international tax rules. (Making the Tax Cuts and Jobs Act (TCJA) Permanent: Analysis)

While corporate tax cuts were made permanent, many individual tax provisions are set to expire at the end of 2025.

🔄 Current Developments (April 2025)

President Trump is advocating for legislation to make the TCJA's individual tax cuts permanent and introduce additional tax relief measures. Key proposals include: (Will Trump and Congress Extend TCJA Tax Cuts?)

Eliminating taxes on Social Security benefits, aiming to increase retirees' monthly income.

Removing taxes on tips, benefiting service industry workers.

Providing deductions for American-made auto loans.

Adjusting the SALT deduction cap, particularly aiding residents in high-tax states. (You may get more in Social Security with Trump's proposed tax cuts - but in 10 years, you might get less, Remedy for Trump's sinking poll numbers: Pass the tax-slashing budget bill fast, White House tells Congress 'get to work' on tax cuts, border wall as Johnson huddles with Trump)

However, these proposals face challenges:

Fiscal Impact: Extending the TCJA and implementing new tax cuts could add between $5 trillion and $11 trillion to the national debt over the next decade, depending on the final provisions. (Trump Tax Priorities Total $5 to $11 Trillion-2025-02-06)