l LTE 2:41 PM Module 2 Discussion The 2017 Tax Cuts and Jobs Act ("TCJA") is the most significant overhaul to the Internal Revenue Code since 1986. You can get a brief overview of the TCJA here. Everything you'll be learning in this course is in accordance with the new laws that are effective beginning this tax year (2018); however, l'd like you to consider certain differences when compared to the prior law to get a better understanding of the changes that have taken place. Group 1: Last Name begins with A-M One significant change is that the TCJA has eliminated personal and dependency exemptions. A few other changes enacted to counteract this change include raising the standard deduction and increasing the child tax credit. Personal and dependency exemptions were fixed deductions provided for taxpayers, their snouses and denendents The Start Thread LTE 2:41 PM Module 2 Discussion Group 1: Last Name begins with A- M One significant change is that the TCJA has eliminated personal and dependency exemptions. A few other changes enacted to counteract this change include raising the standard deduction and increasing the child tax credit. Personal and dependency exemptions were fixed deductions provided for taxpayers, their spouses and dependents. The exemption amount in 2017 was $4,050 per person. So for example, a married couple with two children that qualified as dependents would have deducted $16,200 ($4,050 x 2) from Adjusted Gross Income in 2017 What are the potential pros and cons of this particular change? Consider varying family sizes. Think about both the implications to the taxpayer as well as to the IRS. Start Thread