Tax cut and job act Accounting, Finance, SPSS Essay (Essay Sample)
The Tax Cuts and Jobs Act was signed on December 22, 2017 and produced some of the most significant impacts in tax law in over 30 years. In this assignment, you will use the Internet or the Strayer University Online Library (https://research(dot)strayer(dot)edu) to research the tax reform changes brought about by the Tax Cuts and Job Act, analyze the impact these changes have on individual tax payers, and identify related tax planning strategies.
Write a three to five (3-5) page paper in which you:
Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.
Use at least three quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. Internet websites that include a .gov or .org extension qualify as quality academic resources. It is suggested that you use Strayer University Online library, located at https://research(dot)strayer(dot)edu/.
Your assignment must follow these formatting requirements:
This course requires the use of new Strayer Writing Standards (SWS). Please take a moment to review the SWS documentation for details.
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcome associated with this assignment is:
Analyze the impact of the Tax Cuts and Jobs Act on personal tax revenues, liabilities, deductions, and exemptions.
Tax Cuts and Jobs Act: Tax Reform Changes
Tax Cuts and Jobs Act: Tax Reform Changes
The Tax Cuts and Jobs Act provides significant changes in the rates and bases for both corporate bodies and individuals. The most main changes introduced by the Act are reduction of tax rates of companies up to 21 percent, revision of international tax sanctions, and providing a deduction of pass-through income. There is a lot of confusion when it comes to taxation of pass-through income. The act pushes the spending levels of the government so high which raises the country's budget deficit to unmanageable levels. However, the bill act as a short-term incentive for the economy of America. It is predicted that the bill might even leave the Americans with lower standards of living. According to the National tax journal of America, the bill suffers from complexity. A good taxation system is the one that is easy to administer and simple to understand. The bill makes the taxation process more difficult and provides loopholes for tax avoidance (Gale et al, 2019). The main reason that led to the implementation of the bill into law was to take down the burden of tax on American companies and also spur economic overall economic growth of the nation.
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