#TrumpTaxCuts The Trump tax cuts, formally known as 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 TCJA aimed to stimulate economic growth by lowering tax rates for individuals and corporations. It reduced the corporate tax rate from 35% to 21% and adjusted individual income tax brackets, benefiting many taxpayers, especially higher earners. The standard deduction was nearly doubled, but personal exemptions were eliminated. It also limited deductions for state and local taxes (SALT), impacting taxpayers in high-tax states. Supporters argued that the cuts boosted job creation and investment, while critics claimed they disproportionately benefited the wealthy and increased the federal deficit. Some provisions, particularly for individuals, are set to expire after 2025. Overall, the Trump tax cuts significantly reshaped federal taxation, fueling both economic growth and political debate.