#TrumpTaxCuts The Trump tax cut, officially known as the Tax Cuts and Jobs Act, was signed into law in December 2017. It significantly lowered the corporate tax rate from 35% to 21% and reduced taxes for many individuals. The goal was to boost economic growth, create jobs, and encourage businesses to invest more. While supporters praised the tax cuts for stimulating the economy, critics argued that it primarily benefited the wealthy and increased the national debt. Some provisions in the law are set to expire in the coming years, leading to ongoing debates about its long-term impact on the economy.