President Donald J. Trump last week promised Americans “a giant, beautiful, massive — the biggest ever in our country — tax cut.” As delicious as that sounds, Trump’s tax overhaul may be tastiest for what it makes tiny, appealing, and compact: the 1040 tax return.
If Washington Republicans manage not to botch tax reform — as they wrecked Obamacare repeal — simplification should be among the new system’s most attractive elements, along with its consolidation of seven tax rates to three: 12, 25, and 35 percent. Letting Americans keep more of their money should energize an economy finally awakening from the slumber of the Bush-Obama years.
House Speaker Paul Ryan (R., Wis.) proposes a simple postcard for filing typical tax returns. Rather than the current 1040 form’s 79 lines, Ryan’s postcard contains 14. With nearly every deduction and exemption discarded — beside the home-mortgage and charitable write-offs — there simply would be fewer lines to fill.
Well, the Republicans haven't missed a chance to miss a chance since Trump was elected.
Top Republican predicts Christmas Eve vote on tax revamp
A top House Republican on Wednesday predicted Congress would vote to pass a tax bill on Dec. 24, saying the effort to overhaul the tax code would go down to the wire.What could go wrong, or to state it another way, when have the Republicans actually delivered a bill on time?
Rep. Patrick McHenry (R-N.C.), the House GOP chief deputy whip, said he expected both the House and Senate to finish work on a tax revamp bill on Christmas Eve.