The Tax Cuts and Jobs Act of 2017 was the largest overhaul of the tax code in almost three decades, creating a single corporate tax rate of 21% and bringing sweeping changes to the tax code. The Act made several significant changes to the individual income tax, including reforms to itemized deductions and the alternative minimum tax, an expanded standard deduction and child tax credit, and lower marginal tax rates across brackets. The tax law cuts corporate taxes permanently and individual rates temporarily, and made many of the tax benefits set up to help individuals and families that will expire in 2025. It also unleashed higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. The Tax Cuts and Jobs Act of 2017 includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state and local tax deduction, full expensing for five years, and lower individual tax rates.