By Galen Hendricks, Seth Hanlon, and Michael Madowitz Posted on September 26, 2019, 11:02 am Two years ago, President Donald Trump and Republicans in Congress cut the corporate tax rate from 35 President Trump cut the corporate tax rate from 35 percent to 21 percent, the largest percentage point reduction of the top marginal rate in history. President Trump’s tax cuts include the biggest increase in the child tax credit in history. On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act. It cuts individual income tax rates, doubles the standard deduction, and eliminates personal exemptions. The top individual tax rate drops to 37%. The Act cut the corporate tax rate from 35% to 21% beginning in 2018.