What impact will the change in standard deductions

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Reference no: EM133375126

Question: In 2017, Congress passed a bill that affects the tax rates of individuals and businesses between the years 2018 through 2025. It's called the Tax Cuts and Jobs Act, or TCJA. People often refer to the law as tax reform.

One change is the standard deduction increased from 6350 to 12,000 for single filers, from 9350 to 18,000 for heads of households, and from 12,700 to 24,000 for married couples filing a joint return. Deductions for personal and dependent exemptions, which allowed taxpayers to deduct 4050 each for themselves, their spouses, and any dependents, were eliminated completely.

What impact will the change in standard deductions have on a taxpayer? Use mathematical reasoning as part of your response.
How will the change in standard deductions affect families differently than single taxpayers?
Identify one other change in the tax law.
What effect will this change have on the average taxpayer?

Reference no: EM133375126

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