<human>:  What is the significance of the new laws proposed in the US 2020 tax bill?
<bot>: The 2020 tax bill in the United States proposes a number of significant changes to the tax code, most notably a reduction of the corporate tax rate from 35 percent to 21 percent and an increase in the standard deduction for individuals and families to help them with their taxes. Additionally, the bill seeks to expand the Child Tax Credit, provide deductions for pass-through businesses, and make other changes to the existing tax system. These changes could result in economic benefits for individuals and businesses in the U.S., allowing them to pay less in taxes.