What taxpayers will benefit

Assignment Help Accounting Basics
Reference no: EM132487482

Question - 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 deductions elimination.

What taxpayers will lose as a result of the eliminated deductions? How will that change the economic incentives that are present in our economy?

Explain the impact of the increased standard deduction on the number of taxpayers who itemize each year.

What taxpayers will benefit? Which taxpayers will not benefit?

Explain the economic impacts of limiting the real estate, property, sales, and state income tax deductions to $10,000.

What taxpayers will benefit? What taxpayers will not benefit?

Reference no: EM132487482

Questions Cloud

Discuss the merits of drug courts and drug prisons : Please write an essay addressing the following: Discuss the merits of drug courts and drug prisons. Should first-time drug offenders be given the opportunity.
Prepare entries to record the restricted stock on January : Oriole Company issues 9,700 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. Prepare entries to record the restricted stock on January
What are your current exercise habits : What are your current exercise habits? What everyday changes, if any, might you make to increase the amount of energy expended in your day-to-day activities?
What is opinion of executive programs : What is your opinion of executive/management stock option programs? Offer 1-2 ways that such programs can enhance shareholder value.
What taxpayers will benefit : What taxpayers will benefit? What taxpayers will not benefit? Explain impact of the increased standard deduction on number of taxpayers who itemize each year
Determine the total amount of unrealized gain : Determine the total amount of unrealized gain/(loss) that Logic will report as part of Net Income for the year ended December 31, 2020.
What advantages does action research hold for a classroom : What advantages does action research hold for a classroom teacher? Provide an example of action research in the classroom setting.
Identify the principles of effective copywriting : Using Resources to provide specific examples and evidence, identify the principles of effective copywriting that achieves defined objectives.
Describe the ways in accounting for healthcare organizations : Describe the ways in which accounting for healthcare organizations, especially not-for-profits, tend to differ from accounting in other industries

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd