The Tax Cuts and Jobs Act was signed on December 22, 2017, and produced some of the most significant impacts on tax law in over 30 years. In this assignment, you will use the Internet to research the tax reform changes brought about by the Tax Cuts and Job Act, analyze the impact these changes have on individual taxpayers, and identify related tax planning strategies.
Write a three to five (3-5) page paper in which you:
Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.
Use at least three quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. Internet websites that include a .gov or .org extension qualify as quality academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references.
The specific course learning outcome associated with this assignment is:
Analyze the impact of the Tax Cuts and Jobs Act on personal tax revenues, liabilities, deductions, and exemptions.