Democrats Do Not Like Trump Tax Reform or Simple Filing Forms
Sticking to a pledge that Americans will be able to file tax returns on a postcard under President Donald Trump’s tax code overhaul, the US Treasury Department released a new Form 1040 for individuals on Friday, but met swift Democratic criticism about its potential complexity.
Treasury and IRS unveiled a draft of the new form, saying it would work with the tax community over the Summer to finalize what they called a “postcard-size” document meant to be used by 150-M individual US taxpayers.
“The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers,” Treasury Secretary Steven Mnuchin said in a statement.
The new form is intended to replace three versions of the current Form 1040.
President Trump’s deficit-financed tax overhaul, which delivered $1.5-T in tax cuts to businesses and individuals over the next decade, was expected to simplify filing by reducing the number of taxpayers with returns claiming deductions for mortgages, investment income and other items.
The law 2X’d to $24,000 the amount of income that a married couple can exclude from their taxes.
But Democrats warned that the new form requires taxpayers to include the same amount of tax math in a smaller space, saying individuals will have to rifle through complicated instructions and attach multiple documents.
Have a terrific weekend.
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