Here’s an excerpt from the article:

“The Components of the Tax Cuts and Jobs Act

The TCJA consists of two main components: individual tax reform and corporate tax reform. The individual tax reform package lowered the number of tax brackets from seven to four, with a top marginal rate of 37% (down from 39.6%). It also doubled the standard deduction and multiplied the child tax credit. The corporate tax reform component dropped the corporate tax rate from 35% to 21%, the lowest in the G7. This rate reduction was meant to incentivize businesses to repatriate their foreign earnings and invest in the US.”

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