#TrumpTaxCuts

"Trump Tax Cuts" is the common name for the Tax Cuts and Jobs Act (TCJA), a major piece of U.S. legislation signed into law in December 2017.

Its most significant change was permanently cutting the corporate income tax rate from 35% to 21%. For individuals, it temporarily lowered income tax rates across most brackets, nearly doubled the standard deduction, increased the child tax credit, eliminated personal exemptions, and capped the deduction for state and local taxes (SALT) at $10,000.

Many individual provisions are set to expire at the end of 2025. The law reduced federal revenue, and its overall impact on economic growth, wages, and income inequality is still debated among economists.