#TrumpTaxCuts The Trump Tax Cuts, formally known as the Tax Cuts and Jobs Act (TCJA), were enacted in December 2017. The law significantly reduced the corporate tax rate from 35% to 21%, aiming to spur business investment and economic growth. It also provided temporary tax cuts for individuals, with reduced income tax rates across various brackets. However, these individual cuts are set to expire after 2025. Critics argue that the tax cuts disproportionately benefited wealthy individuals and corporations, increasing the federal deficit. Supporters contend that the reforms boosted economic activity and led to job creation and higher wages.