#TrumpTaxCuts The #TrumpTaxCuts, passed in 2017 under the Tax Cuts and Jobs Act, significantly lowered taxes for corporations and individuals. The corporate tax rate dropped from 35% to 21%, aiming to boost business investment and economic growth. For individuals, the law reduced tax rates across income brackets and nearly doubled the standard deduction. Critics argue the cuts primarily benefited the wealthy and increased the national deficit, while supporters claim they spurred job creation and wage growth. The individual provisions are set to expire after 2025 unless extended by Congress. The tax cuts remain a major point of debate in U.S. politics.