Put together a professional, executive summary-type memo (no longer than 2pages,12 point...

Question

Put together a professional, executive summary-type memo (no longer than 2pages,12 point font,single-spaced, Times New Roman). Research the Tax Cuts & Jobs Act that was enacted December 2017. Choose 5 major changes outlined in the reform and explain, in your own words, how you believe these changes willimpact on the economy. Conclude on whether you, the student, view these changes as positive or negative and why.

I'm flexible on how you utilize bullet-point lists, multiple paragraphs, etc. Please, include a reference page.

Pulkit · Accepted Answer

Introduction:-
The Tax Cuts and Jobs Act had made a lot of changes to the tax laws of the United States. A taxpayer may get benefits from the tax rates that are made lower and the other benefits that are been provided in the new tax laws. On the other side there can be seen a tremendous hike in the tax rates that may somehow affect us. 
Five major changes that took place in Tax Cuts and Jobs Act are:-
1.) Suspension of personal and dependent exemptions
In the previous law the person paying tax gets some exemption on the returns paid by them and can also take the exemption for any dependents that are qualified to get it. But as per the new law, these deductions are suspended. In the new law there has been an increase in the standard deduction. Family tax credit for dependents is available. Child tax credit got expanded and a lot of such changes had been introduces.
2.) Miscellaneous itemized deductions are no more
Previously miscellaneous itemized deductions were given for employee expenses, preparation fees for taxes and a lot more. But in the current law, there is no more miscellaneous itemized deductions available. The impact of this is almost negligible for the taxpayers.

Put together a professional, executive summary-type memo (no longer than 2pages,12 point font,single-spaced, Times New Roman). Research the Tax Cuts & Jobs Act that was enacted December 2017. Choose 5...

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