‘As promised’: Treasury Sec. Mnuchin set to unveil ‘game changer’ tax form, size of a postcard

Republicans are making good on a promise to simplify the filing process for taxpayers.

Simpler and clearer tax forms the size of a postcard are set to be released next week, U.S. Treasury Secretary Steven Mnuchin said on Wednesday, according to Fox Business.

(Image: Flickr)

“Next week we will be unveiling the new 1040 and it will be a postcard as we promised,” he said at a press conference.  “Hardworking taxpayers won’t have to spend nearly as much time filling out their [tax forms].”

The press conference highlighted the six-month anniversary of the passage of the Tax Cuts and Jobs Act which was signed in December. The law afforded a short time for the Internal Revenue Service to follow through with developing, distributing and collecting new forms, and the agency is still expected to release a new W4 form.

According to Fox Business:

This year, employers are able to use the forms already on file, which has posed problems for taxpayers because the sweeping tax changes address everything from personal exemptions to the standard deduction. As a result, many people have had inadequate amounts withheld from their paychecks, meaning, come April, they could be in for a big surprise from the IRS, experts have warned.

When asked in February about how many errors Treasury has seen so far this year, Mnuchin declined to comment directly, pointing taxpayers to the IRS’s withholding calculator.

 

Mnuchin considered the tax reforms a “game changer” for Americans.

“We finally have a tax code that works for hardworking taxpayers,” he said.

Actor James Woods celebrated the news, as did many other taxpayers.

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