#TrumpTaxCuts

Here's a 153-word explanation of the Trump tax cuts:

The Trump Tax Cuts refer to the Tax Cuts and Jobs Act (TCJA), signed into law by President Donald Trump in December 2017. This legislation represented the most significant overhaul of the U.S. tax code in over three decades. It reduced the corporate tax rate from 35% to 21% to stimulate business investment and economic growth. For individuals, it lowered tax rates across most income brackets, nearly doubled the standard deduction, and increased the child tax credit. However, it also capped deductions for state and local taxes (SALT) at $10,000, affecting residents in high-tax states. While supporters argued the cuts boosted economic growth and job creation, critics contended that the benefits disproportionately favored corporations and the wealthy, contributing to rising deficits. Many individual provisions are set to expire after 2025, potentially raising taxes for some households unless extended or modified by Congress. The law’s long-term economic impact remains debated among economists and policymakers.