The Tax Cuts and Jobs Act (TCJA) is a major U.S. federal tax reform law passed by Congress and signed by President Donald Trump, enacted on December 22, 2017, that significantly amended the Internal Revenue Code of 1986. It represented the most sweeping overhaul of the U.S. tax system in decades and was a key Trump administration priority. The law slashed the corporate tax rate from 35% to 21% and restructured individual taxes to promote economic growth. Key provisions included lowering individual tax rates across brackets (to 10%, 12%, 22%, 24%, 32%, 35%, and 37%), nearly doubling the standard deduction, eliminating personal and dependent exemptions, expanding the child tax credit, and introducing opportunity zones to encourage investment in economically distressed areas. The law also capped state and local tax (SALT) deductions at $10,000 and limited mortgage interest deductions for new loans. Many individual provisions were temporary, set to expire after 2025, while corporate changes were permanent. The TCJA passed on largely partisan lines, with the House approving it 227-205 on November 16, 2017, and the Senate 51-48 on December 20, 2017. Introduced by Rep. Kevin Brady (R-TX), it aimed to stimulate economic growth but drew criticism for increasing the federal deficit—estimated to add $1.9 trillion over a decade—and disproportionately benefiting high-income earners. Studies indicated modest impacts on GDP growth (around 0.7% long-term) and wages, falling short of promises like a $4,000 annual wage increase for workers. It boosted corporate investment by about 11% initially but also led to stock buybacks rather than broad wage hikes. Post-enactment, the TCJA influenced tax planning and economic policy debates, with ongoing discussions about its expiration. The law's legacy includes heightened income inequality concerns and shifts in global competitiveness.