Recently, the Tax Cuts and Jobs Act of 2017 (TCJA of 2017) was signed into law. This act makes widespread changes to the Internal Revenue Code.

Since a basic understanding of U.S. federal income taxes is essential to your financial success, please reply to the following:

• Provide a summary of the major changes included in the TCJA of 2017.
• Discuss how these changes will impact various taxpayers (low income, middle income, high income, households with children, business entities, etc.) now and in the future.
• Discuss the potential impact of the TCJA of 2017 on the U.S. federal deficit.