The Tax Cuts and Jobs Act, signed by Trump in December 2017, was the most significant restructuring of the U.S. tax system since the 1980s. It slashed the rate companies pay in the United States from 35% to 21%, cut minimum estate and gift taxes for the very wealthy and eliminated some deductions for homeowners, especially in high-tax Democratic states. It also lowered federal income tax rates for individuals and raised the standard deduction provisions that expire after 2025.
Trump over Biden Part 25
