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. Because it was enacted through the Reconciliation process, many TCJA provisions are set to expire at the end of 2025. TPC estimates that permanent extension of TCJA’s expiring provisions will increase the after-tax income of all taxpayers, on average, by 1.8 percent, with the largest gains among those with the highest incomes. According to the US Congressional Budget Office, It will also increase federal deficits by $4.6 trillion over the next 10 years. This presentation provides 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.

An accompanying presentation providing background on the US tax system is available here.