#TrumpTaxCuts The Trump tax cuts, officially called the Tax Cuts and Jobs Act (TCJA) of 2017, significantly lowered taxes for individuals and businesses. It cut the corporate tax rate from 35% to 21% and adjusted individual income tax brackets, reducing rates across most levels. The standard deduction nearly doubled, while personal exemptions were eliminated. It also capped state and local tax (SALT) deductions and increased the child tax credit. Supporters argued the cuts stimulated economic growth and boosted jobs, while critics said they primarily benefited corporations and the wealthy, increasing the federal deficit by an estimated $1.5 trillion over ten years.