#TrumpTaxCuts

The Trump Tax Cuts, formally known as the Tax Cuts and Jobs Act (TCJA), were enacted in December 2017 and represented the most significant overhaul of the U.S. tax code in decades.Key provisions included reducing the corporate tax rate from 35% to 21%, doubling the standard deduction, expanding the child tax credit, and limiting state and local tax (SALT)

deductions to $10,000. While many individual tax benefits are

set to expire at the end of 2025, the corporate tax cuts are

permanent . wikipedia

Bloomberg Government

Investopedia

Current Developments (as of April 2025)

President Trump and congressional Republicans are advocating for the extension of the expiring individual tax provisions of the TCJA. The proposed extension is estimated to reduce federal tax revenue by approximately $4.5 trillion over the next

decade . To offset these losses, the GOP has proposed $2

trillion in federal spending cuts targeting programs such as

Medicaid, green energy tax credits, education, and agriculture

Tax Foundation

Tax Foundation +1

Reuters +1

However, internal divisions within the Republican Party have emerged, particularly concerning cuts to Medicaid and other social programs. Moderate Republicans express concern over potential harm to beneficiaries, complicating negotiations .