The Tax Cuts and Jobs Act was a comprehensive piece of legislation aimed at overhauling the U.S. tax system. Signed by President Donald Trump on December 22, 2017, it represented the most significant change to the tax code in over three decades. The law included substantial cuts to both corporate and individual tax rates, with the goal of promoting business investment and enhancing job growth. One notable provision was the reduction of the corporate tax rate from 35% to 21%, which was intended to incentivize companies to repatriate profits held overseas and invest domestically.

Additionally, the act altered the individual tax brackets, increasing the standard deduction while also capping state and local tax deductions. The legislation faced considerable debate and controversy, with proponents arguing it would lead to economic expansion and increased wages, while critics claimed it would disproportionately benefit wealthier individuals and increase the federal deficit.

The signing ceremony took place at the White House, amidst a backdrop of mixed public opinion on the tax changes. Trump heralded the legislation as a means to restore America's economic might. Its passage was a significant political achievement for a Republican-led Congress and represented a fulfillment of several campaign promises made by Trump regarding tax reform. The law was primarily designed to produce immediate economic benefits, though economists argued about its long-term impact on the U.S. economy.