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.
“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].”
6 months after the passage of the #TaxCutsAndJobsAct we are seeing benefits for hard working taxpayers with growing wages and unemployment at historic lows! 🇺🇸
— Steven Mnuchin (@stevenmnuchin1) June 22, 2018
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.
Best news in a long time… https://t.co/fjJ7BKHIkQ
— James Woods (@RealJamesWoods) June 21, 2018
NICE! Trump U.S. Treasury Department to release new tax form in size of postcard, in another campaign promise fulfilled by Trump Administration
— Jacob Wohl (@JacobAWohl) June 22, 2018
And to think, they said it couldn’t be done.
— Ryan (@CaptainComput3r) June 21, 2018
The pathetic left will accuse President Trump of putting accountants out of business.
— Frank Haase (@Frankhaase9) June 22, 2018
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