- Overview: The changes made by the Tax Cut and Jobs Act, 2017 to the tax provisions changed the tax rate for 2018. The Tax Cuts and Jobs Act took effect on January 1, 2018, and will substantially impact taxpayers through 2025. Instructions: Review the Act and address the questions below. Your responses need to be supported by relevant well-researched facts. 1. What were the major changes made to tax provisions by the Act? 2. What impact does it currently have on our GDP and government’s budget? 3. How have the changes in taxes affected you personally? If you feel that it has not affected you personally, please state that in your response and explain why. 4. Who benefits from the changes in tax provisions? Does it favor one group over another? 5. What changes do you agree and disagree with? In your own
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