MORTGAGE STANDARD DEDUCTION IN THE TAX REFORM ACT IN 2014

Mortgage standard Deduction in the tax reform act in 2014

 

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You should consider how this change would alter incentives, such as incentives to buy a house and incentives to make charitable contributions, because this reform will dramatically increase the standard deduction while decreasing the number of people who itemize.

Make sure to bring up the proposed changes to the itemized deduction regulations (page 14 of your document).

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Another subject to talk about is how the new phaseout rules would impact effective marginal tax rates at various income levels. (Remember our in-class analysis.)
Topic
Find a tax reform proposal for the American tax system, and using the models from this course, produce a paper supporting or criticizing the proposal. Your justification for a proposal should either be that it “improves” the distribution of tax burdens without causing undesirable behavioral effects (more saving or investment without fewer incentives to work, for example) or that it would have favorable behavioral effects (more saving or investment without fewer incentives to work).

If it is obvious that the tax reform will result in a decrease in tax revenue, you should add your own suggestions for what taxes should be raised in order to make up for the revenue loss. After that, you should assess how the chosen tax reform and your revenue-raising reform work together. However, stay away from suggestions that are primarily meant to reduce the size of governments and reject unfounded claims that the tax reform will spur economic growth to the point where government income will rise even though tax rates have decreased.

Credit will only be given for papers that were written on previously authorized subjects.

Your essay ought to contain:

1. The first page

2. A description of the proposed tax change that is thorough enough for the reader to comprehend your points without having to read the proposal.

3. Evaluation

4. In conclusion, do you support or oppose the suggested tax reform? If so, why? If the proposal’s authors have made specific assertions about it, you should explain whether you concur or disagree with them.

5. A list of references that includes the proposal’s location, data sources, and any sites that provide the analysis you used. Wherever a reference is utilized in the paper, it must be cited. On how to cite, see below. Keep in mind that the primary goal of the work is to apply concepts learned in the course; refrain from utilizing sources that make unsupported assertions (as is frequently the case with newspaper and magazine pieces authored by non-economists).

6. Tables and diagrams Depending on the subject of your paper, these are optional. You may use hand-drawn or computer-created diagrams in your writing, referencing them as needed (for example, “see Figure 1”). Your paper’s primary text should explain how the tables or diagrams are employed in your analysis.

useful sites with connections to numerous tax reforms:
http://www.sjsu.edu/people/annette.nellen/website/txrefupd.html
Guidelines for Acceptable Tax Reforms can be found at http://www.21stcenturytaxation.com.

Source of Proposals, first
I will not agree to requests that were copied from textbooks. They don’t have enough distinctive qualities for you to offer a unique critique. The lack of details in proposals derived from newspaper articles will also prevent me from approving them. The majority of the recommendations on the aforementioned websites are made by members of the U.S. Senate, U.S. House of Representatives, or commissions and advisors to the U.S. President. But occasionally, I’ll agree to recommendations from tax accountants, law scholars, or economists.

B. Only two students are allowed to contribute to one proposal.
If you want a certain proposal to be approved, submit it early because it will be done so in the order that it is received. The analysis in your papers must be sufficiently distinct to persuade me that the two papers were independently authored if I do approve two papers on the same proposal. If not, both papers receive a failure.

C. Income Neutrality
Choose a tax reform plan that isn’t obviously meant to cut government revenue. Instead of raising less money, a proposal’s objective should be to lessen the social costs associated with obtaining a certain amount of money or to improve the distribution of tax responsibilities.

D. Improving the current tax system vs. implementing fundamental tax reform
Either “fundamental tax reform,” which entails essentially substituting a different tax for the U.S. income tax system, or specific suggestions for enhancing the current tax system (which might include new kinds of taxing), may be the subject of your tax reform plan. Fundamental tax reform ideas have frequently called for switching to some sort of consumption tax, but this is not always necessary. The full report from the AICPA on understanding tax reform is available at: http://btrc.maryland.gov/articles/documents/full_report_AICPA_Understanding_Tax_Reform.pdf.

Changes to the personal or corporate income tax exemptions or deductions, changes to tax-favored savings accounts, changes to the alternative minimum tax (AMT), changes to the earned income tax credit (EITC), changes to the estate tax, changes to the corporate income tax, and a number of other tax code simplification and compliance cost-cutting measures are all potential improvements to the current tax system. For instance, if you are recommending additional restrictions on itemized deductions, you should examine the incentive impacts, such as charitable giving, as well as whether these restrictions lead to a more equal tax system.

E. Local and state taxes
EC436 primarily focuses on federal taxation, but I may also accept particular plans for state or municipal tax reform. However, since we won’t finish the content on state and local taxes until towards the conclusion of the course, you will need to read ahead in the syllabus.

The property tax, sales tax, and state income taxes (both personal and corporate) are significant local and state levies. How to tax online sales (sometimes known as “Amazon Tax”) is a contemporary problem in sales taxation.

Getting permission for your topic
I must approve each topic no later than Tuesday, November 10. You won’t get full credit for the paper if I don’t approve it by that time or if you don’t get a brief extension.

writing instructions for the paper

1. The essay’s word count is limited to 1500, excluding tables, diagrams, the title page, footnotes, and the reference list. If your first paragraph simply discusses the tax idea, I’m ready to waive this restriction. (I don’t want the students whose proposals are lengthy to struggle even more to keep under the word restriction.) Otherwise, going over the word count will result in a grade deduction.

2. Submit your manuscript in Microsoft Word or a comparable format; PDF files are not acceptable.

3. Count the pages.

4. Citation information:
a. There are two ways to go about doing this: Put the citation in parenthesis at the conclusion of the sentence that applies to the paragraph in your article (but before the period that ends the sentence), for example, “Wilson, 2005.” See my remarks in Section C below. For example, if “Wilson, 2005” is cited, then “Wilson, 2005” must be located at the conclusion of the article. All references that you cite must be listed in your list of references at the end of the text. Similar to this, do not include “Wilson, 2005” in your list of references if it is not cited.

b. Footnotes at the bottom of pages are helpful for describing how you are citing a specific source, such as “Wilson (2005) provided the brilliant insight that…,” or “The interest rate data for 1995–2000 is from Wilson” (2005).

c. Avoid simply adding a reference, such as “Wilson (2005),” at the conclusion of a paragraph, unless it is quite apparent that it refers solely to that particular sentence and not the entire paragraph. When in doubt, include a footnote that details the ideas you are employing. In the absence of quotations, I might read whole paragraphs as your own interpretation of the ideas of another writer.

d. When necessary, use quotations; nevertheless, refrain from using them frequently. The paper’s major concepts should be expressed in your own words. It won’t be obvious that you understand what is being mentioned if you frequently use quotations instead.
5. A Reminder About Plagiarism: Lack of knowledge about what constitutes plagiarism is not an acceptable defense. You should review the MSU plagiarism policies if you haven’t already.
6. Concluding Remark: The goal of this article is to assess actual tax reform plans using the information from this course. If the advice of tax specialists is directly applicable to your research, you are welcome to utilize it as long as you properly credit the source. However, rather than replacing your own analysis entirely, these concepts should be included in it.

 

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