The Tax Reform Act of 2014 makes the code simpler and fairer by: Providing a significantly more generous standard deduction so that 95 percent of taxpayers will no longer be forced to itemize their individual tax deductions. Reducing the size of the federal income tax code by 25 percent. Tackling fraud, abuse and mismanagement at the IRS to protect hard-earned taxpayer dollars. It will make our economy stronger resulting in: $3.4 trillion in additional economic growth. 1.8 million new jobs. $1,300 per year more in the pockets of middle-class American families. The results are clear: More Growth. More Jobs. More money in the pockets of middle-class families."