Trump's Tax Reform (2017 Tax Cuts and Jobs Act) significantly reduced the corporate tax rate from 35% to 21% to stimulate business investment and economic growth. Personal income tax also decreased, and the standard deduction was increased. The tax reform temporarily boosted U.S. GDP growth and stock market gains, but it also led to an expansion of the fiscal deficit, with the wealthy and large corporations benefiting more, raising controversies over increasing income inequality.