#TrumpTaxCuts The Trump tax cut refers to the Tax Cuts and Jobs Act, signed into law by President Donald Trump in 2017. It lowered taxes for businesses and many individuals. The corporate tax rate dropped from 35 percent to 21 percent. Many workers saw a small increase in their paychecks due to lower income tax rates. Supporters said the tax cut boosted the economy and created jobs. Critics argued it increased the national debt and mainly helped the wealthy. Some parts of the law are set to expire soon, and there are debates about whether to extend or change them in the future.