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The Tax Cuts and Jobs Act of 2017 made a significant change to the way that alimony payments are treated for federal income tax purposes.
The Tax Cuts and Jobs Act of 2017 made a significant change to the way that alimony payments are treated for federal income tax purposes. Briefly describe the tax treatment of alimony payments before and after the tax change.
What impact do you think this change in the treatment of alimony will have on divorce agreements? What impact do you think this change will have on the vertical equity of the federal income tax? Explain your answers.
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