The December 2017 tax reform bill significantly increased the standard deduction and eliminated an entire class of itemized deductions (the Miscellaneous Deductions including tax preparation costs, investment advisory fees, gambling losses, personal casualty losses, investment expenses, and work-related expenses of W2 employees). The 1. Select one of the eliminated deductions and explain the economic changes that will result from the deduction's elimination. What taxpayers will lose as a result of 2. Explain the impact of the increased standard deduction on the number of taxpayers who itemize each year. What taxpayers will benefit? Which taxpayers will not 3. Explain the economic impacts of limiting the real estate, property, sales, and state income tax deductions to $10,000. What taxpayers will benefit? What taxpayers tax reform law also limited the mortgege interest, real estate, property, sales, and state income tax deductions. Do each of the following: the eliminated deductions? How will that change the economic incentives that are present in our economy? benefit? will not benefit