The most significant aspect of the Tax Cuts and Jobs Act was its sweeping changes that benefited both individual and corporate taxpayers, lowering rates and simplifying deductions.
With Donald Trump aiming to make expiring provisions of the TCJA permanent, tax benefits such as increased child tax credits and reduced rates for high earners could continue beyond 2025.
The debate over tax policy will intensify as Trump introduces new initiatives like lifting the SALT deduction cap and eliminating taxes on Social Security, depending on Congressional support.
Trump's tax cut proposals, especially for high-income earners and corporations, alongside potential tariff increases, signify a broader shift in fiscal policy that could impact all taxpayers.
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