The changes made by the Tax Cut and Jobs Act, 2017 to the tax provisions have...

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. Address the questions below: What changes do you agree and disagree with? Please make this no less then 3 paragraphs and in depth. Thank You and I will rate it well! please do not copy a question already posted here because this specific question has not yet been addressed.

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Answer:

The major changes made to the tax provisions by the Act are:

The Tax Cut and Jobs Act of 2017 brought about certain significant changes to the over taxation process.

some of them are as below:

A number of deductions like ‘various deductions’ costs of compliance costs have been scraped for the nearly 30 million tax filers with the standard deduction replacing them, thus making the overall tax filing process comparatively simpler.

The itemized deductions and the alternate minimum tax were altered thereby altering the individual income tax, expanding the standard deduction.

Tax credit to child have been increased and the tax rates to marginal economy have also been strengthened.

Some of the itemized deductions have been brought under certain restrictions, such the State deductions, taxes for the local government and that of the interest of mortgage.

The Tax authorities have gauged that the new standard and revolutionized steps would reduce the time required to fill in the tax filing by about 20%.

The changes that I agree and disagree with are:

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 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.

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.

Rahul Sunny answered 1 year ago

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