<human>:  What are the most recent updates to the US tax code?
<bot>: The most recent changes to the US tax code include the passage of the Tax Cuts and Jobs Act of 2017 which lowered the corporate tax rate from 35% to 21%, increased the standard deduction, and eliminated some tax deductions. 2 The new act also expanded the child tax credit to $2,000 per qualifying child, limited the state and local tax deduction to $10,000, and eliminated personal exemptions. 3 Additionally, the new law imposes a 20% deduction for income from pass-through entities such as sole proprietorships and S corporations, as well as giving businesses new incentives for investing in new equipment.