New year, new tax code — and a much improved one at that.

According to U.S. Treasury Secretary Steven T. Mnuchin, the tax reform bill signed into law by President Donald Trump in December will increase the take-home pay for 90% of workers. Tax season will also be simplified for many Americans next year, as the number of filers who must itemize in order to lower their tax bill will fall from approximately 30% of households to less than 10%

The move to immediate expensing will also stoke productivity-increasing business investment, and small businesses will have greater job-creating capacity. However, we view the 14-percentage-point corporate rate reduction — from 35% to 21% — as the crown jewel of tax reform’s success. Prior to this bill, America’s corporate tax rate was the highest corporate rate among advanced nations. Now, the U.S. no longer has that dubious distinction.

In addition to the much-needed reduction in the corporate tax rate, the bill also ends the double taxation of U.S. company profits earned and already taxed overseas. This move to a territorial tax system for corporations ends a system of double taxation that is rare in the modern world (according to the Tax Foundation, there are only five other countries that tax corporations on global income). However, one of the biggest missed opportunities in the new law is that it fails to stop double taxing expats living abroad.