#TrumpTaxCuts The Trump tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, were a major overhaul of the U.S. tax system. The law reduced corporate tax rates from 35% to 21%, aiming to boost business investment and economic growth. It also lowered individual income tax rates, doubled the standard deduction, and increased the child tax credit. However, many of the individual cuts are set to expire after 2025. Supporters argue the cuts stimulated the economy and created jobs, while critics claim they disproportionately benefited the wealthy and increased the national deficit significantly.