<human>:  What are some tax law changes I need to know about this year?
<bot>: Some of the key tax law changes that you need to be aware of this year include a reduction in the top marginal tax rate from 37% to 21%, the elimination of some itemized deductions, and an increase in the standard deduction. Additionally, the Tax Cuts and Jobs Act has resulted in the introduction of a new 20% qualified business income deduction for certain pass-through entities.