The Tax Cuts and Jobs Act (TCJA), promulgated in December 2017 under the Trump administration, represents the largest US tax reform in three decades. This law has significantly reduced tax rates for businesses and individuals, notably reducing the corporate tax rate from 35% to 21% on a permanent basis. For individuals, it increased the standard lump-sum deduction and the child tax credit, while eliminating certain deductions. However, most provisions concerning individuals will expire at the end of 2025, unless Congress decides to extend them.
