Filing
taxes just got a little less taxing. The Treasury Department today unveiled the
new return for 2019—a form the size of a postcard, as promised.
The Tax Cuts and
Jobs Act passed six months ago nearly doubled the
standard deduction, meaning fewer Americans will need to itemize. The new
return consolidates the personal information section of the form on the front,
and includes the lines used most frequently by Americans all on the back so
that the lion’s share of taxpayers won’t need anything beyond this form.
For those who do need to
itemize, any additional sheets are topic-specific so taxpayers can easily
choose the one they need.
And for those not filling out
the form by hand, don’t worry: This new system streamlines online filing as
well. We set out to make this system less complicated across the board.
From start to finish, tax
reform was all about creating a less burdensome code that worked for American
taxpayers. In the six months since tax reform was enacted, workers have been
able to keep more of their hard-earned paychecks. That’s a meaningful
difference for working families who needed a boost to get ahead.
It’s about unlocking economic
opportunity—which is why it lowered rates and doubled the child tax credit,
among other things—but it’s also about returning to simplicity. We could all
use a little more of that. June 29, 2018 | Speaker Ryan Press Office | https://spkrryan.us/2lHVyHl
