#TrumpTaxCuts Trump's tax cut, known as the Tax Cuts and Jobs Act of 2017, was a significant tax reform. It reduced the corporate tax rate from 35% to 21% and implemented temporary cuts for individuals, especially in the higher income brackets. It also doubled the standard deduction and eliminated some itemized deductions. Although it stimulated short-term economic growth, it increased the fiscal deficit. The benefits were uneven: corporations and the wealthy received the greatest advantage. Several individual cuts are scheduled to expire in 2025. The law remains a highly debated political topic.