Assignment 2: Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act was signed on December 22, 2017 and produced some of the most significant impacts in tax law in over 30 years. In this assignment, you will use the Internet or the Strayer University Online Library (https://research.strayer.edu) to research the tax reform changes brought about by the Tax Cuts and Job Act, analyze the impact these changes have on individual tax payers, and identify related tax planning strategies.
Write a three to five (3-5) page paper in which you:
- Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation.
- Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each.
- Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family.
- Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale.
- Use at least three quality academic resources in this assignment. Note: Wikipedia and similar websites do not qualify as academic resources. Internet websites that include a .gov or .org extension qualify as quality academic resources. It is suggested that you use Strayer University Online library, located at https://research.strayer.edu/.
Your assignment must follow these formatting requirements:
- This course requires the use of new Strayer Writing Standards (SWS). Please take a moment to review the SWS documentation for details.
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcome associated with this assignment is:
- Analyze the impact of the Tax Cuts and Jobs Act on personal tax revenues, liabilities, deductions, and exemptions.
| Points: 250 | Assignment 2: Tax Cuts and Jobs Act | ||||
| Criteria | Unacceptable Below 60% F |
Meets Minimum Expectations 60-69% D |
Fair 70-79% C |
Proficient 80-89% B |
Exemplary 90-100% A |
| 1. Summarize the purpose of the Tax Cuts and Jobs Act and explain the main objective(s) for its implementation. Weight: 15% |
Did not submit or incompletely summarized the purpose of the Tax Cuts and Jobs Act and did not submit or incompletely explained the main objective(s) for its implementation. | Insufficiently summarized the purpose of the Tax Cuts and Jobs Act and explained the main objective(s) for its implementation. | Partially summarized the purpose of the Tax Cuts and Jobs Act and explained the main objective(s) for its implementation. | Satisfactorily summarized the purpose of the Tax Cuts and Jobs Act and explained the main objective(s) for its implementation. | Thoroughly summarized the purpose of the Tax Cuts and Jobs Act and explained the main objective(s) for its implementation. |
| 2. Examine three significant changes brought forth by the Tax Cuts and Jobs Act and discuss at least two advantages and/or disadvantages of each. Weight: 25% |
Did not submit or incompletely examined three significant changes brought forth by the Tax Cuts and Jobs Act. Did not submit or incompletely discussed at least two advantages and/or disadvantages of each. | Insufficiently examined three significant changes brought forth by the Tax Cuts and Jobs Act and discussed at least two advantages and/or disadvantages of each. | Partially examined three significant changes brought forth by the Tax Cuts and Jobs Act and discussed at least two advantages and/or disadvantages of each. | Satisfactorily examined three significant changes brought forth by the Tax Cuts and Jobs Act and discussed at least two advantages and/or disadvantages of each. | Thoroughly examined three significant changes brought forth by the Tax Cuts and Jobs Act and discussed at least two advantages and/or disadvantages of each. |
| 3. Analyze the impact that each of the three significant changes has on the taxpayer as an individual and a family. Weight: 25% |
Did not submit or incompletely analyzed the impact that each of the three significant changes has on the taxpayer as an individual and a family. | Insufficiently analyzed the impact that each of the three significant changes has on the taxpayer as an individual and a family. | Partially analyzed the impact that each of the three significant changes has on the taxpayer as an individual and a family. | Satisfactorily analyzed the impact that each of the three significant changes has on the taxpayer as an individual and a family. | Thoroughly analyzed the impact that each of the three significant changes has on the taxpayer as an individual and a family. |
| 4. Recommend tax planning strategies to maximize tax savings based on the three significant changes identified. Provide a rationale. Weight: 20% |
Did not submit or incompletely recommended tax planning strategies to maximize tax savings based on the three significant changes identified. Did not submit or insufficiently provided a rationale. | Insufficiently recommended the tax planning strategies to maximize tax savings based on the three significant changes identified. Insufficiently provided a rationale. | Partially recommended the tax planning strategies to maximize tax savings based on the three significant changes identified. Partially provided a rationale. | Satisfactorily recommended the tax planning strategies to maximize tax savings based on the three significant changes identified. Satisfactorily provided a rationale. | Thoroughly recommended the tax planning strategies to maximize tax savings based on the three significant changes identified. Thoroughly provided a rationale. |
| 5. Three references provided. Weight: 5% |
No references provided. | Does not meet the required number of references; all references are poor-quality choices. | Does not meet the required number of references; some references are poor-quality choices. | Meets the required number of references; all references are high-quality choices. | Exceeds the required number of references; all references are high-quality choices. |
| 6. Clarity, writing mechanics, and formatting requirements Weight: 10% |
More than 8 errors present. | 7–8 errors present. | 5–6 errors present. | 3–4 errors present. | 0–2 errors present. |
