User: Can you provide details on the new tax laws that came into effect in April 2020?
Assistant: The new tax laws came into effect in April 2020, and they made several changes to the United States tax code. Some of the key changes include raising the threshold for itemized deductions, increasing the standard deduction, and increasing the child tax credit. Additionally, the new tax code raises the tax rate on corporations from 21% to 21%. These changes are expected to simplify the filing process for many taxpayers, as well as provide greater tax relief for individuals and businesses.