President Trump on Friday celebrated the six-month anniversary of his tax-cut law, as the IRS rolled out a new tax-filing form the size of a postcard.
“Six months ago, we unleashed an economic miracle by signing the biggest tax cuts and reforms,” Trump said at an event in the East Room of the White House.
He added that he was celebrating “six months of new jobs, bigger paychecks and keeping more of your hard earned money where it belongs, in your pocket or wherever else you want to spend it.”
Trump touted various provisions in the new tax law, which he signed on Dec. 22, 2017. In particular, he praised a provision that allows businesses to immediately deduct the full costs of their investments, calling it “the biggest secret in the plan.”
Trump also highlighted positive economic data that has come out since the tax law passed, and he brought up a couple of people who have benefited from the tax cuts to speak.
“At last, our country finally has a tax system that is pro-jobs, pro-worker, pro-family and pro-America,” the president said.
A host of administration officials attended the event, including Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Mick Mulvaney. Also present were several lawmakers, including House Ways and Means Committee Chairman Kevin Brady (R-Texas), and representatives of business groups that have championed the law.
At the scheduled start time of the event, the Treasury Department and IRS rolled out the new tax-filing form, known as the 1040. Republicans said during the tax debate that they wanted to simplify the tax code to the point where most taxpayers could file on a postcard, and the new form is double-sided but postcard-sized.
“The new, postcard-size Form1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers,” Mnuchin said in a statement. Trump did not mention the new form during Friday’s event.
The new 1040 is smaller than the previous form, which was two full-length pages. However, it moves some items that were on the old form, such as the student-loan interest deduction and capital gains, to separate schedules that taxpayers may have to complete also. As a result, it has generated some criticism.