Income Tax Accounting Discussion.docx - I actually thought the Tax Cuts and Jobs Act was something that was not benefiting citizens Then I watched

Income Tax Accounting Discussion.docx - I actually thought...

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I actually thought the Tax Cuts and Jobs Act was something that was not benefiting citizens. Then I watched Professor Ambrosio’s video, it turns out it has its ups and downs. There are somethings that I agree with and some I don’t think its fair. 1. What first stuck out was how the people voted on how the $20.00 should have been distributed, I initially thought Angi, only because of no or low income. I always felt that the poor shouldn’t be taxed so high when they can barely can put food on the table for their family. But then I seen that majority picked John, due to the taxes that he needs to pay. And yes, no one picked the middle class. 2. The pass-through entities how they are saving on the tax with 80% from the start on the business’s total income and they have a reduced tax individually. Thought that sounded promising. 3. Mortgage interest promotes or incentive to stay in debt! Who wants to stay in debt, makes no sense. I don’t completely agree with that tax rule. 4. I do however like how you can deduct more for medical expenses, I mean if its legit, it would help out the taxpayer, especially low-income individuals. 5. I always thought moving expenses was a very helpful for people who do have to move across the country for job opportunities, it too bad they took that away. 6. And tax rule that stuck out was the international change from Worldwide to Territorial tax system, it very cool to learn how the new system works. I do like the one-time tax charge on foreign income, it is large cut, but it may be worth it!

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