The following provisions are included in the tax cuts and jobs act (TCJA) of 2017: * marginal
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Question:
The following provisions are included in the tax cuts and jobs act (TCJA) of 2017:
* marginal tax rates were lowered
* the amount of deductible mortgage interest was capped at $750,000
* the amount of deductible property taxes were capped at 10,000
* the standard deduction was increased from 6,350 to 12,000 for individuals and from 12,700 to $24,000 for married couples filing jointly
a) Pick a TCJA provision and explain how it increases an individual's disposable income after-tax income
b) Pick a TCJA provision and explain.
Related Book For
South-Western Federal Taxation 2019 Essentials of Taxation Individuals and Business Entities
ISBN: 9781337702966
22nd edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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