#TrumpTaxCuts The Trump tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were signed into law on December 22, 2017. This law made significant changes to the US tax code, impacting individuals and corporations. Here are some key aspects ¹:

- *Individual Income Tax Changes*:

- *Tax Brackets*: The TCJA reduced tax rates across several brackets, with the top rate decreasing from 39.6% to 37% for income above $500,000 for single filers and $600,000 for married couples filing jointly.

- *Standard Deduction*: Nearly doubled to $12,000 for single filers and $24,000 for married couples, making it more beneficial for many to take the standard deduction instead of itemizing.

- *Child Tax Credit*: Doubled to $2,