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The Trump tax cuts most commonly call the Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump on December 22, 2017. It was the most comprehensive change to the U.S. tax code since 1986.
➢ The following are the main facts regarding the Trump tax cuts:
Individual tax brackets were reduced for most income groups.The rate of corporate taxes was permanently lowered from 35% to 21%.The standard deduction almost doubled, and the personal exemptions were phased out.The child tax credit was increased.The exemption from the estate tax was doubled (affecting fewer high-income estates.The State and Local Tax (SALT) deduction was limited to $10,000, which hurt taxpayers in high-tax states such as New York and California.Certain business owners (particularly small businesses and partnerships) gained a new 20% deduction on specific types of income (the "pass-through deduction").Most individual tax reductions expire after 2025, but the corporate tax reductions are permanent unless Congress acts to alter them.
Impact and Controversy:
• Supporters contend that the tax reductions stimulated economic growth, business investment, and jobs.
• Critics argue they mainly benefited corporations and the wealthy, increased the federal deficit by trillions of dollars, and had limited benefit for the middle and lower classes.
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