Tax Cuts and Jobs Act — Corporate Rate Cut 35%→21%; Largest Tax Overhaul Since 1986

Trump signed the Tax Cuts and Jobs Act on December 22, 2017, reducing the corporate tax rate from 35% to 21%, temporarily cutting individual income tax rates, doubling the standard deduction, and limiting SALT deductions to $10,000. The CBO estimated it would add $1.9 trillion to the national debt over 10 years. GDP grew 2.9% in 2018; critics noted most benefits accrued to corporations and top earners, while the law's individual provisions were set to expire in 2025.