The Tax Cuts and Jobs Act of 2017 (TCJA) was the most comprehensive tax legislation in decades, making major changes to both individual and corporate income taxes. To help policymakers, advocates, journalists, and the broader public navigate debates ahead, this presentation provides important background on the US tax system, including the major sources of revenues and spending for the federal government, how federal tax burdens vary by income, and how credits, deductions, and other tax expenditures work.

The main presentation providing an overview of TCJA's major changes, their effects on the economy, and their impacts on families with children, pass-through businesses, multinational firms, and others is available here.