The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017 to reform the U.S. tax code. It aimed to lower tax rates for individuals and businesses, increase the standard deduction, and eliminate personal exemptions. The law also introduced a new tax rate structure and aimed to stimulate economic growth by encouraging investment. Additionally, the TCJA included provisions for repatriating overseas profits at a lower tax rate and limited certain deductions, such as state and local tax deductions. Overall, the act significantly changed how taxes are calculated for both individuals and corporations in the United States.