#TrumpTaxCuts Trump's tax cuts, officially known as the Tax Cuts and Jobs Act (TCJA) of 2017, were a major reform of the U.S. tax code signed by President Donald Trump. The TCJA lowered the corporate tax rate from 35% to 21% and provided temporary tax reductions for individuals. Supporters argued that the cuts spurred economic growth, increased business investment, and created more jobs. Critics claimed that the benefits favored corporations and the wealthy, contributing to a higher national deficit. Many individual tax provisions are scheduled to expire after 2025, leading to ongoing debates about the extension, modification, or reversal of parts of the law.