#TrumpTaxCuts The TCJA, passed by a Republican-majority Congress in 2017, represented the most significant tax reform in nearly three decades. The law reduced the corporate tax rate to 21%, limited state and local tax (SALT) deductions to $10,000, doubled standard deductions, and expanded the child tax credit.

The aim of the one and a half trillion dollar tax reform bill was to stimulate economic growth, reduce regulations, and create a more favorable environment for businesses in the United States.