Sign In
Not register? Register Now!
Essay Available:
Pages:
2 pages/≈550 words
Sources:
Check Instructions
Level:
MLA
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 9.36
Topic:

Tax Cuts and Jobs Act. Accounting, Finance, SPSS Essay (Essay Sample)

Instructions:

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/.

source..
Content:

Name
Institutional Affiliation
Course Code/Title
Instructor
Date
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%.

...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Assisting a Family with their Tax Returns Accounting, Finance Essay
    Description: Explain how you determined the filing status, dependents, and use of standard/itemized deduction Dividend received and interest on savings are treated as exempt, they are not considered to as income. Further, gift of charities should be deducted Contributions on funds are treated as income...
    2 pages/≈550 words | MLA | Accounting, Finance, SPSS | Essay |
  • Accounting and Finance group project Accounting, Finance, SPSS Essay
    Description: Costco Wholesale is an in-store retailer with various membership warehouses and the retailer sells nationally branded and private-label merchandise at low prices. Costco is headquartered in Issaquah, Washington, the US. The company sells its products and offers a range of consumer services...
    1 page/≈275 words | MLA | Accounting, Finance, SPSS | Essay |
  • CS4 - Southeast Bank of Texas in the Financial Crisis Finance Essay
    Description: The Southeastern Bank of Texas was founded in 1950 by John F. Greff as a regional bank in Texas, USA. In 1980, it was among the local banks that performed well in the southeastern United States, surviving the real estate crisis of that time. After John's retirement in 1983...
    2 pages/≈550 words | MLA | Accounting, Finance, SPSS | Essay |
HIRE A WRITER FROM $11.95 / PAGE
ORDER WITH 15% DISCOUNT!