Tax Cuts and Jobs Act. Accounting, Finance, SPSS Essay (Essay Sample)
Assignment 2: Tax Cuts and Jobs Act
Due Week 8 and worth 250 points
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/.
Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) was enacted in 2017 to make changes to how individual income is taxed (Michel). It aimed at reducing taxes on investments, wages, business revenue, and the expansion of the tax base by the oversimplification of the tax code. Generally, the law describes how changes in tax reforms cut individual taxes so that they may never document their deductions.
Changes due to TCJA
There were different changes made on individual taxpayers and their families as explained below.
* Individual Income Tax
The new law decreased statutory rates for many taxable income levels and shifted some income brackets. The top marginal rate was slashed from 37.9% to 37%. The existing seven-bracket was preserved but the widths were slightly modified. The lower rate was nevertheless maintained at 10%.
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