The Tax Cuts and Jobs Act (TCJA) that was signed into law in December, 2017. This law was effective beginning tax years 2018 and included many significant changes to both Individual and Corporate Tax Law. Please note that although the House recently passed a spending package that would impact some of the tax law changes made by the TCJA, the provisions of the TCJA currently remain in full effect.
Required:
1) Paper must be at least 3 pages of content (no maximum limit), double-spaced, NOT including your cover page or References page. Upload your paper in the Tax Research Assignment 3 Folder in Assignments, no later than May 2, 2023, 11:59 PM EST.
2) Research the TCJA tax law changes and use a minimum of 2 sources for your paper. The sources must be professional news articles, or journal articles – not Wikipedia, or Investopedia.
3) Answer the following 3 questions:
What were some of the significant tax law changes beginning in 2018? (you don’t have to discuss them all, just choose some major changes). Please elaborate on these changes — simply listing changes without an explanation of what the changes were and how they affect taxpayers will result in point deductions.
Discuss the TCJA tax law changes affects the home mortgage interest deduction and the state and local real estate, personal property, and either income or sales taxes (SALT). Specifically, discuss how a taxpayer’s taxes may have been affected if she had taken out a $800,000 mortgage in 2016 vs. in 2020. Please also discuss the impact that the SALT cap from the TCJA may impact taxpayers from states with high property taxes and those with low property taxes.
What were some of the arguments made in favor and in opposition of the TCJA tax law changes?