#TrumpTaxCuts The Trump Tax Cuts, or Tax Cuts and Jobs Act (TCJA), was signed into law in 2017, significantly overhauling the US tax code. It reduced individual and corporate tax rates, doubled the standard deduction, and limited certain deductions. The law's impact included increased federal deficits and modest economic growth, with critics arguing it disproportionately benefited high-income earners and corporations. Many individual tax cuts are set to expire in 2025, while corporate changes are permanent.