200-300 word discussion on section 151 of internal revenue code with scripture
200-300 word discussion on section 151 of internal revenue code with scripture.
Section 151 of the Internal Revenue Code was enacted in August 1954, and provided for a “personal exemption” deduction when computing Federal individual income tax. Why was said deduction enacted in 1954? Why did the Tax Cuts and Jobs Act of 2017 eliminate it? Did taxpayers have a clue as to its elimination? Explain. Does the increase in the “standard deduction” offset the elimination of the “personal exemption” deduction in every individual taxpayer situation? If not, explain.
Please include 2 scholarly resources and incorporate scripture. APA format
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