Question

besides social security what are the items of inclusion in gross income that are unfair and why? (TCJA)

Answer 1

TCJA included a few dozen tax law changes that affect businesses.

Business taxpayers should recalculate estimated tax payments. The new law changed tax rates and brackets, revised business expenses deduction, increased the standard deduction, removey personal exemption, increased the child tax credit and limit or discontinue certain deduction.

As a result many taxpayer may need to raise or lower the amount of estimated tax they pay each quarter.

TCJA also limited several key deduction such as mortgage interest deduction and state and local taxes paid deduction.

The act did include a few provision which will slow economic growth in the long run, such as requiring R&D expenses to be amortized and tightening the interest deduction cap in 2022.

As per TCJA, 80% of individuals pay lower tax this year than last year. Business also have a lower cost of capital.