Donald Trump · Republican · Legislation
Tax Cuts and Jobs Act (TCJA) Signed Into Law
Dec 22, 2017
Donald TrumpTrade & EconomyLegislationFirst term (2017–21)
📜 View the official record on federalregister.gov
What happened
Signed the largest tax overhaul in decades: cut the corporate rate from 35% to 21%, lowered individual rates (expiring after 2025), nearly doubled the standard deduction, and capped the SALT deduction at $10,000.
How it happened
Passed Congress along party lines via budget reconciliation and signed December 22, 2017.
Documented impact
Positive impactsubstantiated
Delivered short-term economic stimulus and a permanent corporate rate cut.
CBO finds net positive economic effects for several years after enactment; the corporate cut was made permanent.
Negative impactsubstantiated
Significantly increased federal deficits.
The Tax Policy Center and CBO attribute large revenue losses to the law; making the individual cuts permanent was later estimated by CBO to add tens of trillions to debt over 30 years.
Negative impactprojected
Long-run growth effects projected to turn negative as debt costs mount.
CBO projects a permanent extension would shrink the economy ~1.8% by 2054 as higher debt outweighs the tax cut's benefits.
Sources
Every claim above links to its source. Primary record and cited reporting: