WBUR Podcasts, Boston.

This is on point.

I'm Magna Chakrabardi.

On December 20, 2017, President Donald Trump held a celebration at the White House.

It was just a short time after the Republican-controlled Congress passed the 2017 Tax Cuts and Jobs Act.

It's been an amazing experience, I have to tell you.

Hasn't been done in 34 years, but actually really hasn't been done because we broke every record.

It's the largest, I always say the most massive,

but it's the largest tax cut in the history of our country and reform, but tax cut.

Really something special.

The 2017 tax cut did a lot of things.

It slashed the corporate tax rate down to 21%. It capped deductions for state and local taxes at $10,000.

We'll talk a little bit more about what else it did. But President Trump touted how the new tax cut reform was also going to help American families.

$3.2 trillion. Just think of it in tax cuts

for American families, including doubling the standard deduction and doubling the child tax credit.

The typical family of four earning $75,000 will see an income tax cut of more than $2,000.

They're going to have $2,000.

And that's, in my opinion, going to be less than the average.

You're going to have a lot more than that.

The 2017 tax law nearly doubled the standard deduction for individuals and families from $6,500 to $12,000 for individuals and $13,000 to $24,000 for families.

As Trump stated, it also doubled the child tax credit from $1,000 to $2,000.

Here's then House Speaker Paul Ryan at the same White House event in 2017.

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