#TrumpTaxCuts The Trump tax cuts, officially called the Tax Cuts and Jobs Act (TCJA), were signed into law in December 2017. They represented the largest overhaul of the U.S. tax code in decades. The law lowered the corporate tax rate from 35% to 21%, reduced individual income tax rates, and increased the standard deduction. Supporters argued the cuts boosted economic growth, investment, and job creation. Critics contended they disproportionately benefited the wealthy and significantly increased the federal deficit. Many of the individual tax cuts are set to expire in 2025, leading to ongoing debates over their future and long-term effects on the economy.