Trump signs Tax Cuts and Jobs Act cutting corporate rate from 35% to 21%

President Trump signs the Tax Cuts and Jobs Act (P.L. 115-97), the largest overhaul of the U.S. tax code since the Tax Reform Act of 1986. The law permanently cuts the corporate tax rate from 35% to 21%, temporarily cuts individual income tax rates through 2025, caps the state and local tax deduction at $10,000, and repeals the ACA individual mandate. The Congressional Budget Office estimates the law adds $1.5 trillion to the national debt over 10 years. No Democrats vote for the law in either chamber. The top six U.S. banks save more than $32 billion in taxes in the first two years after enactment.