The Tax Cuts and Jobs Act of 2017, commonly known as the “Trump tax cuts,” was a significant piece of legislation that overhauled the U.S. tax code. The law, which was signed by President Donald Trump in December 2017, made sweeping changes to individual and corporate taxes, with the goal of stimulating economic growth.
One of the key provisions of the Trump tax cuts was a reduction in the corporate tax rate from 35% to 21%. This was the largest single reduction in the corporate tax rate in U.S. history and was intended to make American businesses more competitive on the global stage. The law also included a number of other pro-business provisions, such as a reduction in the tax rate on pass-through businesses and an increase in the standard deduction for individuals.
