<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 taxes and make them more fair for everyone. It reduces taxes on individuals, businesses, and estates. It also increases the standard deduction and child care credits, which are designed to help families with lower incomes. In addition, it makes permanent some of the temporary tax cuts that were enacted in 2017, including the increased child tax credit and reduced individual income tax rates.