Signs $1.9 trillion tax bill slashing corporate taxes 40% while poorest Americans get just 1% of benefits

Trump signed the Tax Cuts and Jobs Act (TCJA), a $1.9 trillion tax bill that slashed the corporate tax rate from 35% to 21% - the biggest business tax cut in U.S. history - while delivering the vast majority of benefits to corporations and wealthy Americans. Analysis showed the poorest 20% would get just 1% of total tax cuts in 2026, while the richest 20% would get 68%. Corporate tax receipts fell 31% the first year, the largest decline since 1934 outside the Great Recession. The top 10% of income earners saw wage increases while the bottom 90% did not. The law was passed without a single Democratic vote and added significantly to the deficit, contradicting Republican deficit hawk rhetoric. Trump claimed it would pay for itself through growth - it didn't.