The Tax Cut and Jobs Act, 2017 The changes made by the Tax Cut and Jobs...

The Tax Cut and Jobs Act, 2017

The changes made by the Tax Cut and Jobs Act, 2017 to the tax provisions have changed tax rate for 2018 and people are getting a first hand experience of what it means to them. Go over the Act and address the questions below in full paragraphs:

Does everyone benefit from the changes in tax provisions or does it favor one group over others?

What changes do you agree and disagree with?

Solutions

Expert Solution

Yes everyone in the economy will be benefitted from the tax cuts both individuals and firms both will get the tax cut benefit. Even though both individuals and firms will benefit from tax cuts after reading the act I felt that mostly Large corporations will have more benefit than anyone. Due to this tax cuts large corporations will save more money as disposable income which is beneficial for them. The main reason of this act is that firms will have more money in hand so that they will invest in the economy this extra income from tax cuts and create more jobs.

I don't agree with the idea that firms will use that money in investing in economy because most of the large corporations are cheating the government by off shore account and firms.

I will not even agree with the idea of tax cuts as Government revenue will fall which leads to decline in government spending, if government spending decrease than so many welfare programs may see a decline. I don't agree with idea with repatriation of taxes on Multinational companies as these people are already cheating the government by doing off shore business.

Rahul Sunny answered 1 year ago

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