In 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, marking the biggest U.S. tax overhaul in decades. It lowered the corporate tax rate from 35% to 21%, aiming to boost business investment and economic growth. For individuals, it reduced income tax rates, doubled the standard deduction, and limited certain deductions like state and local taxes (SALT). Critics argued it favored the wealthy and ballooned the federal deficit. Supporters claimed it stimulated job creation and wage increases. Most individual cuts are set to expire by 2025, while corporate cuts are permanent.
