<human>: I'm a bit confused by the new tax law. What does it mean for me?
<bot>: The new tax law is designed to simplify the US tax code and make filing taxes easier for most people. It reduces or eliminates certain deductions, such as the state and local tax deduction, which means that many taxpayers will no longer be able to deduct those expenses from their taxable income. Additionally, it increases the standard deduction, which means that fewer taxpayers will itemize deductions on their returns. These changes are expected to reduce the amount of taxes some Americans pay each year, but they may also lead to higher taxes in the future due to inflation.