Tax cuts introduced by Trump through the Tax Cuts and Jobs Act of 2017 (TCJA) reduced tax rates for individuals and corporations, increased standard deductions, and expanded tax credits for families. Key highlights include:

Economic impact

– Decrease in revenue: Corporate tax revenues fell by 31% in the fiscal year 2018, marking the largest drop since 1934, not counting recessions.

– Increase in deficit: The cuts contributed to a revenue deficit of $430 billion in 2018–2019 compared to pre-TCJA forecasts.