<human>:  Can you explain the latest tax reform?
<bot>: The latest tax reform focuses on revising the U.S. tax code to reduce taxes and increase economic growth. It includes a variety of changes, such as reducing individual and corporate income tax rates, increasing the standard deduction and increasing the child-care tax credit. It also eliminates some credits, deductions and exemptions, like the personal exemption. The goal of the reform is to simplify the tax system and make it easier for Americans to understand and pay taxes.