<human>: How does the new tax bill affect the average American family?
<bot>: The new tax bill will have a major effect on the average American family. It will significantly reduce taxes for many families, while increasing taxes for others. For example, the corporate tax rate has been reduced from 35% to 21%, which is expected to lead to higher wages and more jobs. However, some people may see their taxes go up due to the elimination of certain deductions. Additionally, the standard deduction has been doubled, meaning that fewer families will itemize their deductions.