choose tax topic affected by 2017 Tax Cuts & Jobs Act (TCJA)

CHOOSE one topic below affected by 2017 Tax Cuts & Jobs Act (TCJA), various Covid-19 enacted laws 2020 to 2022, and provide 2023-2024 legislative updates:

1. increase and decreases to the Child Tax Credit, making it permanently fully refundable, and other proposals;

2. restriction of the deduction for state/local tax, currently $10,000 for taxpayers who itemize their deductions, and the workaround laws passed by 36 states as of end of 2023;

3. increasing the standard deduction amounts and their positive or negative effect as compared to the dependent exemptions law repealed by the TCJA; or

4. creation of a 20% tax rate on an expanded definition of income

including unrealized capital gains for taxpayers with income over $100 million; or

5. any proposal of any current federal tax topic, but student must receive approval from instructor.

Your paper must include:

– (1) the history of your topic,

– (2) what the law was before the TCJA of 2017,

– (3) how the TCJA affected your topic,

– (4) what the law/procedures/policies of your topic is in place for 2023 and/or 2024,

– (5) are there is any current proposals to change or reverse the TCJA revisions, and if yes, what are they, and

– (6) your suggestions for improved policy to your topic.