Question

In: Accounting

President signs tax bill altering employees benefits. tax reform bill, officially the tax cuts and job...

President signs tax bill altering employees benefits. tax reform bill, officially the tax cuts and job act. HRM will be attending a meeting to dicuss one question or concern. the chief accountant will be present and wants your questions and concerns. review article and discuss one question or concern you have.

Solutions

Expert Solution

The biggest concern that can be asked is the amount that will be spent on the great mexican wall and who will be paying for it. The estimated cost of construction is about $110 billion and its just what the president has said. Experts expect it cost as much as $12bn to $15bn.

The 650 miles of fencing already put up has cost the government more than $7bn, and none of it could be described, even charitably, as impenetrable, physical, tall, powerful or beautiful.

There are other reasons the costs would be likely to escalate beyond Mr Trump's price tag - his plans require extending the wall into increasingly remote and mountainous regions, raising the building costs substantially.

The main source is said to be a hike in the taxes..Raising tariffs on imports. Mr Trump's spokesman, Sean Spicer, said on 26 January that the president wanted a 20% tax on Mexican imports to pay for the wall, although he later added that it was one of several options still being considered. "By doing it that way we can do $10bn (£8bn) a year and easily pay for the wall, just through that mechanism alone," he told journalists. If this happens will it not hamper the imporrts and the US economy?


Related Solutions

How did the 2018 Tax Reform Bill address Corporate Tax Reform? Highlight and Analyze the major...
How did the 2018 Tax Reform Bill address Corporate Tax Reform? Highlight and Analyze the major provisions.
Test if a person’s political affiliation and their opinion on a tax reform bill are dependent...
Test if a person’s political affiliation and their opinion on a tax reform bill are dependent at a 10% level of significance. Favor Indifferent Opposed Democrat 79 129 98 Republican 73 69 65
Tax Law Changes? President Trump signed the "Tax Cuts and Jobs Act" into law on Dec....
Tax Law Changes? President Trump signed the "Tax Cuts and Jobs Act" into law on Dec. 22, 2017. Many of the changes will affect individual taxpayers in 2018. Review the new tax law and the changes that pertain to individual taxpayers. Pick one provision that was passed that you feel strongest about supporting. Explain why it's supported.
Tax savings are being passed down President Trump signed the Tax Cuts and Jobs Acts into...
Tax savings are being passed down President Trump signed the Tax Cuts and Jobs Acts into law on Dec. 22, 2017, reducing personal income taxes for most families for the next 10 years. Corporations, however, received much bigger and more permanent tax cuts with the new law reducing the corporate tax rate from 35% to 21% and reducing the tax on repatriated cash to 15.5%. The Congressional Budget Office estimates businesses will save about $320 billion in taxes over the...
Will you provide an explanation of how the Tax Cuts and Job Act (TCJA) impacted the...
Will you provide an explanation of how the Tax Cuts and Job Act (TCJA) impacted the economy through aggregate demand and aggregate supply analysis. and give examples for personal and corporate (like payroll, Medicare, etc.)
When Bob Dole ran for President in 1996, he proposed large permanent tax cuts. If an...
When Bob Dole ran for President in 1996, he proposed large permanent tax cuts. If an economy starts at potential output, explain the effects on the economy of large permanent tax cuts in both the short and long run. Be sure to explain how output, prices, interest rates, investment and consumption are affected in the short run and the long run. Your answer should be one page typed with any and all appropriate mathematics, graphs and explanations.
The December 2017 tax reform bill significantly increased the standard deduction and eliminated an entire class...
The December 2017 tax reform bill significantly increased the standard deduction and eliminated an entire class of itemized deductions (the Miscellaneous Deductions including tax preparation costs, investment advisory fees, gambling losses, personal casualty losses, investment expenses, and work-related expenses of W2 employees). The tax reform law also limited the mortgage interest, real estate, property, sales, and state income tax deductions. Do each of the following: Select one of the eliminated deductions and explain the economic changes that will result from...
The Tax Cuts Job Act (TCJA) changed the rules for like-kind exchanges so that they no...
The Tax Cuts Job Act (TCJA) changed the rules for like-kind exchanges so that they no longer apply to personal property. Discuss why the legislators made this change and whether it will be good for the generation of income tax revenue in the future.
Explain the following events: 1) Mellon Tax Cuts of 1926 2) Veto for the Mcnary-Haugen Bill...
Explain the following events: 1) Mellon Tax Cuts of 1926 2) Veto for the Mcnary-Haugen Bill 3) Corporate State Ideology For each of the above events explain how they are either Fiscal or Monetary policy For each of the above events explain how they contributed to growth, depression or both(specify)
What should tax reform look like and did the bill that just passed meet your standards?..Why...
What should tax reform look like and did the bill that just passed meet your standards?..Why or why not ?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT