#TrumpTaxCuts Trump Tax Cut refers to the "Tax Cuts and Jobs Act" (TCJA) that was enacted in December 2017 under President Donald Trump's administration. This tax reform significantly reduced individual and corporate income tax rates. The corporate tax rate was cut from 35% to 21%, aimed at encouraging economic growth and business investment. For individuals, the TCJA increased the standard deduction and reduced certain tax deductions. While it resulted in short-term economic growth, this policy also increased the federal budget deficit. The Trump Tax Cut became a controversial topic, praised for stimulating the economy but criticized for widening the income gap.