DISCUSSION PROMPT:

The Tax Cuts and Jobs Act of 2017 ("the Act") made substantial changes to both the standard deduction and many itemized deductions. Use internet tax resources to address the following questions. Look for reliable websites and blogs of the IRS and other government agencies, media outlets, businesses, tax professionals, academics, think tanks, and/or political outlets. Choose one of the items below and post your response to the discussion board. Cite or link your sources.

• Explain how the Act changed the standard deduction.
• Choose one category of itemized deductions and describe in detail how the Act changed that type of deduction.
• Due to the increase in the standard deduction, did more taxpayers take the standard deduction in 2018 - 2020 than in previous years?