Business Finance
ACC 307 Strayer University Tax Cuts and Jobs Act Discussion

ACC 307

Strayer University

ACC

Question Description

I need an explanation for this Economics question to help me study.

The Tax Cuts and Jobs Act was signed on December 22, 2017 and produced some of the most significant impacts in tax law in over 30 years. In this assignment, you will use the internet to find an Academic resource (i.e. Google Scholar) to research the tax reform changes brought about by the Tax Cuts and Job Act, analyze the impact these changes have on individual tax payers, and identify related tax planning strategies.

Write a three to five (3-5) page paper in which you:

  1. Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
  2. Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
  3. Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
  4. Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.
  5. 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:

  • This course requires the use of new Strayer Writing Standards (SWS). Please take a moment to review the SWS documentation for details.
  • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

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.
  • Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.
  • By submitting this paper, you agree: (1) that you are submitting an original paper, to be used, and stored as part of the SafeAssign™ services

ACC 307 Strayer University Tax Cuts and Jobs Act Discussion
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Communicating professionally and ethically is an essential skill set we teach at Strayer. The following guidelines ensure: · Your writing is professional · You avoid plagiarizing others · You give credit to others in your work  Review Strayer’s Academic Integrity Policy in the Student Handbook.  Bookmark the SWS website for additional SWS resources.  Visit the SWS YouTube page to view helpful SWS videos. Spring 2020 Essay/Paper Guidelines Clear All Checkboxes Use these rules when working on an essay! Design Include page numbers. Use 1-inch margins. Use numerals (1, 2, 3, and so on) or spell out numbers (one, two, three, and so on). Double space body text in the assignment. Use consistent 12-point font. Use section headings to divide separate content areas. Center the section headings on the page, be consistent, and include at least two section headings in the assignment. Title Page Include the assignment title, your name, course title, your professor’s name, and the date of submission on a separate page (first page of submission). Develop Use appropriate language and be concise. Write in active voice when possible. Find tips here. Use spelling/grammar check and proofread to keep work error free. Choose a point of view (first, second, or third person) as required by assignment guidelines. Cite Credible Sources Provide credible sources to support your ideas/work when required. Find tips here. Build a Sources List Include a Sources List when the assignment requires research or if you cite the textbook. Strayer University Writing Standards Cite sources throughout your work when you borrow someone else’s words or ideas. Don’t forget: Cite and add your textbook to the Source List if used as a source. Type “Sources” centered horizontally on the first line of the Source List page. Record the sources that you used in your assignment in a numbered list (see Giving Credit to Authors and Sources section). 2 Templated Assignment Guidelines Clear All Checkboxes Use these rules when working on a written assignment that is not explicitly an essay! Design Use the provided template to format the assignment. Title Page Generally not required. If it is required, include the assignment title, your name, course title, your professor’s name, and the date of submission on a separate page (first page of submission). Develop Use appropriate language and be concise. Write in active voice when possible. Find tips here. Use spelling/grammar check and proofread to keep work error free. Choose a point of view (first, second, or third person) as required by assignment guidelines. Specific assignment guidelines may override these standards. When in doubt, follow specific assignment guidelines first. Cite Credible Sources Provide credible sources to support your ideas/work when required. Find tips here. Build a Source List Complete the provided Source List when the assignment requires research or if you cite the textbook. Cite sources throughout your work when you borrow someone else’s words or ideas. Don’t forget: Cite and add your textbook to the Source List if used as a source. If no specific area exists in the template, consult the assignment and instructor guidelines for appropriate source credit methods. Cite sources throughout your assignment when you borrow someone else’s words or ideas. When quoting or paraphrasing a source, include the source number in parentheses after the body text where you quote or paraphrase. Strayer University Writing Standards 3 PowerPoint/Slideshow Guidelines Clear All Checkboxes Use these rules when working on a PowerPoint or slideshow assignment! Design Use a background color or image on slides. Use Calibri, Lucida Console, Helvetica, Future, Myriad Pro, or Gill Sans font style. Use 28–32-point font size for the body of your slides (based on your chosen font style). Avoid font sizes below 24-point. Use 36–44-point font size for the titles of your slides (based on chosen font style). Limit slide content (7 or fewer lines per slide and 7 or fewer words per line). Number slides when the assignment requires 3 or more slides. Place numbers wherever you like (but be consistent). Include appropriate images that connect directly to the slide content or presentation content. Title Page Include the assignment title, your name, course title, your professor’s name, and the date of submission on a separate slide (first of submission). Develop Use appropriate language and be concise. Write in active voice when possible. Find tips here. Use spelling/grammar check and proofread to keep work error free. Cite Credible Sources Provide credible sources to support your ideas/work when required. Find tips here. Cite sources throughout your work when you borrow someone else’s words or ideas. Don’t forget: Cite and add your textbook to the Source List if used as a source. Sources may be provided on a slide-by-slide basis (providing Source List entries at bottom of slide where source referenced) or in a comprehensive Source List at the end of slideshow. Build a Sources List Strayer University Writing Standards Include a Sources List slide when assignment requires research or if you cite the textbook. Type “Sources” centered horizontally on the first line of the Source List slide. Provide sources used in your assignment in a numbered list (see Giving Credit to Authors and Sources section). 4 Discussion Post Guidelines Clear All Checkboxes Use these rules when working on a Discussion Forum post or response! Design Use consistent 12-point font. Develop Use appropriate language and be concise. Include appropriate images or media links that connect directly to discussion topic/content. Write in active voice when possible. Find tips here. Use spelling/grammar check and proofread to keep work error free. Cite Credible Sources Provide credible sources to support your ideas/work when required. Find tips here. Cite sources throughout your discussion response when you borrow someone else’s words or ideas. Cite quotes and paraphrases correctly: Include the source number in parentheses after the body text where quotation or paraphrasing occurs. Don’t forget: Cite and add your textbook to the Sources List if used as a source. Type the word “Sources” at the end of your post, and below that include a list of any sources that you cited. Number all sources in the order they appear.  Examples For more information on building a Source List Entry, see Source List section. If you pulled information from more than one source, continue to number the additional sources in the order that they appear in your post. SAMPLE POST: SAMPLE POST: The work is the important part of any writing assignment. According to Smith, “writing things down is the biggest challenge” (1). This is significant because… The work is the important part of any writing assignment. According to Smith, “writing things down is the biggest challenge” (1). This is significant because… Sources 1. William Smith. 2018. The Way Things Are. http:// www.samplesite.com/writing The other side of this is also important. It is noted that “the act of writing isn’t important as much as putting ideas somewhere useful” (2). Sources 1. William Smith. 2018. The Way Things Are. http:// www.samplesite.com/writing 2. Patricia Smith. 2018. The Way Things Really Are. http://www.betterthansample.com/tiger Strayer University Writing Standards 5 Credit to Authors and Sources Use these rules for using evidence and creating in-text citations! General Credit ·· Credit quoted or paraphrased sources using an in-text citation. An in-text citation includes the primary author’s last name and the number of the source from the Source List. ·· Before using any source, first determine its credibility. Then decide if the source is appropriate and relevant for your project. Find tips here. ·· Well-researched assignments have at least as many sources as pages (see assignment instructions). Option #1: Paraphrasing  Rewording Source Information in Your Own Words ORIGINAL SOURCE ·· Rephrase source information in your own words. Avoid repeating the same words of the author. “Writing at a college level requires informed research.” ·· Remember, you cannot just replace words from the original sentence. ·· Add the author’s last name and a number to the end of your paraphrase as a citation (which will be the same on your Source List). Examples PARAPHRASING As Harvey wrote, when writing a paper for higher education, it is critical to research and cite sources (1). When writing a paper for higher education, it is imperative to research and cite sources (Harvey, 1). Option #2: Quoting  Citing Another Person’s Work Word-for-Word ORIGINAL SOURCE ·· Place quotation marks at the beginning and end of quoted information. “Writing at a college level requires informed research.” ·· Limit quotes to two or fewer sentences (approximately 25 words) at a time. ·· Do not start a sentence with a quotation. ·· Introduce and explain quotes within the context of your paper. ·· Add the author’s last name and a number to the end of the quote as a citation (which will be the same on your Source List). Strayer University Writing Standards Examples QUOTING Harvey wrote in his book, “Writing at a college level requires informed research” (1). Many authors agree, “Writing at a college level requires informed research” (Harvey, 1). 6 Credit for Web Sources Web sources are accessed through an internet browser. Home Pages A home page loads when typing a standard web address. For instance, typing Google.com into any web browser will take you to Google’s home page. Cite a homepage when using information from a news thread, image, or basic piece of information on a company’s website. Find Tips Here. Specific Web Pages If using any web page other than the home page, include the specific page title and direct link (when possible) in the Source List entry. If the assignment used multiple web pages from the same source, create separate Source List entries (if the title and/or web address is different). Effective Internet Links When sharing a link to an article with your instructor and classmates, start with a brief summary of the article and why you chose to share it. Share vs. URL Options Cutting and pasting the URL (web address) from your browser may not allow others to view your source. This makes it hard for people to engage with the content you used. To avoid this problem, look for a “share” option and choose that when possible. Always test your link(s) before submitting. If you cannot properly share the link, include the article/source as an attachment. Interested classmates and your professor can reference the article shared as an attachment. Find tips here. Charts, Images, and Tables Charts, images, and tables should be centered horizontally on the page and should be followed by an in-text citation. Design your page and place a citation below the chart, image, or table. When referring to the chart, image, or table in the body of the assignment, use the citation. Do not include a chart, image, or table without introducing it in the assignment and explaining why it is necessary. On your Source List, provide the following details of the visual: ·· Author’s name (if created by you, provide your name). ·· Date (if created by you, provide the year). ·· Type (Chart, Image, or Table). ·· How to find it (link or other information; see Source List section for additional details). Strayer University Writing Standards 7 Advanced Methods Some assignments require more advanced techniques. If necessary, these guidelines help with special case scenarios. Multiple Sources (Synthesizing) Synthesizing is the use of multiple sources in one paraphrased sentence or paragraph to make a strong point. While this is normally done in advanced writing, it could be useful for any writing where you use more than one source. Find tips here. The key is clarity. If you paraphrase multiple sources in the same sentence (or paragraph if most of the information contained in the paragraph is paraphrased), you should include each source in the citation. Separate sources using semi-colons (;) and create the citation in the normal style that you would for using only one source (Name, Source Number).  Example SYNTHESIZED IN-TEXT CITATION (Harvey, 1; Buchanan, 2) In the example, the authors Harvey and Buchanan were paraphrased to help the student make a strong point. Harvey is the first source on the Source List, and Buchanan is the second source on the Source List. Traditional Sources  Page Numbers IN-TEXT CITATION When referencing multiple pages in a textbook or other print book, consider adding page numbers to help the audience understand where the information is found. You can do this in three ways: (Harvey, 1, p. 16) a. by including it in the body of your assignment; or Example In the example, the author is Harvey, the source list number is 1, and the page number where this information can be found is page 16. or b. by using an in-text citation; or c. by listing page numbers in the order used in your assignment on the Source List. Check with your instructor or the assignment guidelines to see if there is a preference based on your course. Strayer University Writing Standards 8 Substitution and Ellipsis Omitting unnecessary information from a direct quotation is often required. To omit information, delete the unnecessary information and replace it with an ellipsis inside of square brackets, like this: […]. Find tips here. There are times when a quality source has made a mistake, but you still value the information that the source provides. To solve this issue, change elements of the source (noting what additions or changes were required). When changing elements within a direct quotation, delete the original information and surround the new wording or spelling with square brackets, like this: “[W]riting”. The bracket here shows that the original source may have misspelled “writing” or that the “W” has been capitalized and was lowercase in the source material.    Example ORIGINAL SOURCE “Writing at a college level requires informed research.” ELLIPSIS Harvey wrote that writing “at a college level requires […] research” (1). SUBSTITUTION Many authors agree that “[w]riting at an [undergraduate] college level requires informed research” (1). NOTE: Ellipsis and square brackets cannot be used in paraphrased source material. Footnotes and Additional Content Written assignments may benefit from including relevant background information that is not necessarily important for the main body of the assignment. To include extra secondary evidence or authorial commentary, insert a numeral superscript into the text of the assignment and add the extra evidence or commentary in the footer of the page as a footnote. (Note: Microsoft Word’s “Insert Footnote” function is the preferred method.)  Example When writing a paper for higher education,4 it is imperative to research and cite sources (Harvey, 1). This suggestion applies to both undergraduate and graduate students, and it is the first thing that beginning students must internalize. Mathews has pointed out that this suggestion is appropriate for all levels of education, even those outside of university, and is in fact best practices for any form of professional writing (2). However, this paper focuses specifically on writing in college-level education. 4 Appendices An assignment may require an appendix following the Source List. The appendix is meant to declutter the assignment body or provide relevant supplemental information for the audience. If there is only one appendix, it is labeled, Appendix. More than one appendix may be required. Label the first appendix Appendix A, the second Appendix B, and so on. Each chart, graphic, or photograph referred to in the body of the assignment requires its own listing in the appendices. Use descriptive labels in the body of your written assignment to link each chart, graphic, or photograph to its place in the appendices. For example, when referring to a chart found in Appendix B, a student would include (see Appendix B, Cost of Tuition in Secondary Education, 2010-2019) after referring to data drawn from that chart. Strayer University Writing Standards 9 Source List Clear All Checkboxes The Source List includes all sources used in your assignment. It is a new page added at the end of your assignment. The list gives credit to authors whose work supported your own and should provide enough information so that others can find the source(s) without your help. Build your Source List as you write. Setting Up the Source List Page Type “Sources” at the top of a new page. Include a numbered list of the sources you used in your paper (the numbers indicate the order in which you used them). 1. Use the number one (1) for the first source used in the paper, the number two (2) for the second source, and so on. 2. Use the same number for a source if you use it multiple times. Creating a Source List Entry Ensure each source includes five parts: author or organization, publication date, title, page number (if needed), and how to find it. If you have trouble finding these details, then re-evaluate the credibility of your source. Use the browser link for a public webpage. Use a permalink for a webpage when possible. Find tips here. Instruct your readers on how to find all sources that do not have a browser link or a permalink. Separate each Source List element with a period on your Source List. Source List Elements AUTHOR PUBLICATION DATE TITLE PAGE NO. HOW TO FIND The person(s) who published the source. This can be a single person, a group of people, or an organization. If the source has no author, use “No author” where you would list the author. The date the source was published. If the source has no publication date, use “No date” where you would list the date. The title of the source. If the source has no title, use “No title” where you would list the title. The page number(s) used. If the source has no page numbers, omit this section from your Source List Entry. Instruct readers how to find all sources. Keep explanations simple and concise, but provide enough information so the source can be located. Note: It is your responsibility to make sure the source can be found. Michael Harvey 2013 p. 1 In the case of multiple authors, only list the first. This is not the same as copyright date, which is denoted by © The Nuts & Bolts of College Writing http://libdatab.strayer.edu/ login?url=http://search. ebscohost.com/login.aspx  Examples Strayer University Writing Standards Include p. and the page(s) used. 10 NOTE: For the example, Harvey is the first source used in the assignment.  How It Will Look in Your Source List 1. Michael Harvey. 2013. The Nuts & Bolts of College Writing. p. 1. http://libdatab.strayer.edu/ login?url=http://search.ebscohost.com/login.aspx  Sample Source List Sources 1. Michael Harvey. 2013. The Nuts & Bolts of College Writing. p. 1. http://libdatab.strayer.edu/login?url=http://search. ebscohost.com/login.aspx?direct=true&db=nlebk&AN=590706&site=eds-live&scope=site 2. William R. Stanek. 2010. Storyboarding Techniques chapter in Effective Writing for Business, College and Life. http:// libdatab.strayer.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=359141&site=eds-li ve&scope=site&ebv=EB&ppid=pp_23 3. Zyad Hicham. 2017. Vocabulary Growth in College-Level Students’ Narrative Writing. http://libdatab.strayer.edu/ login?url=http://search.ebscohost.com/login.aspx?direct=true&db=edsdoj&AN=edsdoj.9b7fad40e5294 ...
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Final Answer

Attached.

Introduction
Effect of TCJA
Paragraph 1
- The purpose of the Tax Cuts and Jobs Act (TCJA) was to lower the tax rates for both
individuals and businesses, thereby creating incentives for investment
- A low tax rate implies higher disposable income for individuals and corporate entities,
which increases their capacity to reinvest into the economy, thereby creating more
employment opportunities
Paragraph 2
- The new law reduced corporate tax from 35% to 21%
- TCJA reduced the corporate tax rate by 14%, placing U.S. corporate tax rate below the
average rate for members of the Organization for Economic Co-operation and
Development
Paragraph 3
- Reduction of itemized deductions
- The TCJA eliminated most deductions that were previously categorized under itemized
deductions.
Paragraph 4
- TCJA eliminated the personal exemptions
- Under the previous law, taxpayers were allowed to subtract personal exemptions from
their adjusted gross income, each dependent, and their spouse.


Running head: TAX CUTS AND JOBS ACT

1

Tax Cuts and Jobs Act
Name
Institution

TAX CUTS AND JOBS ACT

2
Tax Cuts and Jobs Act

Purpose and objective of Tax Cuts and Jobs Acts
The purpose of the Tax Cuts and Jobs Act (TCJA) was to lower the tax rates for both
individuals and businesses, thereby creating incentives for investment (Tax Policy Center, 1). A
low tax rate implies higher disposable income for individuals and corporate entities, which
increases their capacity to reinvest into the economy, thereby creating more employment
opportunities. According to the IRS (2), TCJA has a wide range of effects on various tax items,
including depreciation, tax credits, deductions, and expenses. Besides, TCJA offers low and
middle-income earners substantial tax cuts, making American businesses more competitive
(Treasury, 3). The policy also seeks to boost the repatriation of overseas income to the U.S. to
stimulate economic growth.
Changes due to the Tax Cuts and Jobs Act and their benefits
The new law reduced corporate tax from 35% to 21%. TCJA reduced the corporate tax
rate by 14%, placing U.S. corporate tax rate below the average rate for members of the
Organization for Economic Co-operation and Development (Tax Policy, 4). The argument
behind this reduction is that the previous tax rate system discouraged companies from being
incorporated in the U.S. (Auerbach, 5). Besides, the relatively high corporate tax rate also
discouraged firms from repatriating their earnings from overseas activities to the U.S. to avoid
taxation (Auerbach, 5). Lowering the tax rate incentivizes the incorporation of companies in the
U.S. and repatriation of revenue from overseas activities, which creates job opportunities and
stimulates economic growth. Importantly, the low corporate tax translates to a higher disposable
income, promoting investments in the country.

TAX CUTS AND JOBS ACT

3

Reduction of itemized deductions. The TCJA eliminated most deductions that were
previously categorized under itemized deductions. The only deductions that the TCJA retained
under itemized deductions include mortgage interest, medical expenses, investment interest,
contributions to charity, and state and local taxes. The TCJA also reduced the rates of mortgage
interest and state and local tax. The benefit of these changes is that it simplifies the personal tax
filing process. According to the Tax Policy Center (1), it is estimated that the proportion of
households that were under t...

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