loss of the taxpayer for the taxable year shall not be allowed. , and (2) by striking subsection (j) and redesignating subsections (k) and (l) (as amended) as subsections (j) and (k), respectively. (b) Conforming amendments (1) Section 58(a)(2)(A) is amended by striking 461(k) and inserting 461(j) . (2) Section 461(i)(4) is amended by striking subsection (k) and inserting subsection (j) . (3) Section 464(d)(2)(B)(iii) is amended by striking section 461(k)(2)(E) and inserting section 461(j)(2)(E) . (4) Subparagraphs (B) and (C) of section 1256(e)(3) are each amended by striking section 461(k)(4) and inserting section 461(j)(4) . (5) Section 1258(d)(5)(C) is amended by striking section 461(k)(4) and inserting section 461(j)(4) . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. C Tax benefits for families and individuals 121. Increase in standard deduction (a) In general Section 63(c)(2) is amended— (1) by striking $4,400 in subparagraph (B) and inserting $18,000 , and (2) by striking $3,000 in subparagraph (C) and inserting $12,000 . (b) Inflation adjustment Section 63(c)(4) is amended to read as follows: (4) Adjustments for inflation (A) In general Each dollar amount in paragraph (2)(B), (2)(C), or (5) or subsection (f) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting for 2016 in subparagraph (A)(ii) thereof— (I) in the case of the dollar amounts contained in paragraph (2)(B) or (2)(C), 2017 , (II) in the case of the dollar amounts contained in paragraph (5)(A) or subsection (f), 1987 , and (III) in the case of the dollar amount contained in paragraph (5)(B), 1997 . (B) Rounding If any increase under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . (c) Conforming amendment Section