#TrumpTaxCuts The 2017 Tax Cuts and Jobs Act, signed into law by President Donald Trump, significantly reduced corporate and individual tax rates. The corporate tax rate was lowered from 35% to 21%, aiming to boost economic growth and competitiveness. Individual tax brackets were also adjusted, with most rates decreasing. The law doubled the standard deduction and expanded the child tax credit. Proponents argued it would stimulate economic growth, increase competitiveness, and benefit American workers. Critics contended it would primarily benefit wealthy corporations and individuals, adding to the national debt. The law's impact remains debated.