Trump signs Tax Cuts and Jobs Act, passed 51-49 via reconciliation, cutting corporate rate to 21%

President Trump signed the Tax Cuts and Jobs Act on December 22, 2017, after the Senate passed it 51-49 on December 2, 2017 using budget reconciliation. The law permanently cut the corporate tax rate from 35% to 21%, reduced individual income tax rates across most brackets through 2025, capped the state and local tax deduction at $10,000, and added roughly $1.5 trillion to the deficit over 10 years according to CBO. No Democratic senator voted for the bill. The Senate parliamentarian struck the bill's official short title under the Byrd Rule because the title itself had no budgetary effect.