#TrumpTaxCuts The Trump Tax Cuts, officially called the Tax Cuts and Jobs Act (TCJA) of 2017, were a major overhaul of the U.S. tax code. Signed into law by President Donald Trump, the legislation aimed to stimulate economic growth by reducing corporate tax rates from 35% to 21% and cutting individual income tax rates across most brackets. It also increased the standard deduction and child tax credit while capping deductions for state and local taxes. Supporters argued it boosted business investment and job creation, while critics claimed it disproportionately benefited the wealthy and increased the federal deficit. Many provisions are set to expire in 2025.