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The #TrumpTaxCuts , primarily enacted through the Tax Cuts and Jobs Act (TCJA) of 2017, aimed to stimulate economic growth by:
Lowering Corporate Tax Rates: Reduced from 35% to 21%.
Adjusting Individual Tax Brackets: Lowered rates for many taxpayers and nearly doubled the standard deduction.
Increasing the Child Tax Credit: Raised from $1,000 to $2,000 per child.
Capping State and Local Tax Deductions: Limited to $10,000.
Offering Benefits for Pass-Through Businesses: Introduced a 20% deduction for certain business income.