#TrumpTaxCuts

Signed into law by President Donald Trump in December 2017.

Lowered the corporate tax rate from 35% to 21% to stimulate business growth.

Reduced individual income tax rates across several brackets but made most changes temporary for individuals.

Doubled the standard deduction while limiting some itemized deductions like state and local taxes (SALT).

Critics argue it disproportionately benefited the wealthy, while supporters claim it boosted economic growth.