Trump celebrates tax law's 6-month mark as IRS rolls out smaller filing form

Trump celebrates tax law's 6-month mark as IRS rolls out smaller filing form

President TrumpDonald John TrumpGrassroots America shows the people support Donald Trump Trump speaks to rebel Libyan general attacking Tripoli Dem lawmaker: Mueller report shows 'substantial body of evidence' on obstruction MORE on Friday celebrated the six-month mark of the Republican tax-cut law, as the IRS rolled out a new filing form that's about half the size of the previous one.

"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 said he was also lauding "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 aspects of the tax law, which he signed on Dec. 22. He said a provision that allows businesses to immediately deduct the full costs of their investments was "the biggest secret in the plan."

The president also highlighted positive economic data that has come out in recent months.

"At last, our country finally has a tax system that is pro-jobs, pro-worker, pro-family and pro-America," Trump said.

A host of administration officials attended the event, including Treasury Secretary Steven MnuchinSteven Terner MnuchinFormer Sears holding company sues ex-CEO, Mnuchin and others over 'asset stripping' On The Money: Inside the Mueller report | Cain undeterred in push for Fed seat | Analysis finds modest boost to economy from new NAFTA | White House says deal will give auto sector B boost The Hill's Morning Report — Category 5 Mueller storm to hit today MORE and Office of Management and Budget Director Mick MulvaneyJohn (Mick) Michael MulvaneyThe Hill's Morning Report — Mueller aftermath: What will House Dems do now? The Hill's Morning Report - Waiting on Mueller: Answers come on Thursday Trump ditches one-on-one meetings with vice president: report MORE. House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyTreasury to miss Dem deadline for Trump tax returns Treasury expected to miss Dem deadline on Trump tax returns Mnuchin tells Congress it's 'premature' to talk about Trump tax returns decision MORE (R-Texas) was among several lawmakers in attendance.

The Treasury Department and IRS rolled out the new tax-filing form, known as the 1040. Republicans said during the tax-overhaul debate that they wanted to simplify the tax code to the point where most taxpayers could file on a postcard.

“The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers,” Mnuchin said in a statement.

The new 1040 is smaller than the previous form, which was two 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 some taxpayers may have to complete, prompting some criticism from Democrats.

“The administration’s new tax form is a smokescreen designed to conceal paperwork, additional calculations and Trump’s broken promise to simplify the tax code,” Senate Finance Committee ranking member Ron WydenRonald (Ron) Lee WydenOn The Money: Inside the Mueller report | Cain undeterred in push for Fed seat | Analysis finds modest boost to economy from new NAFTA | White House says deal will give auto sector B boost Government report says new NAFTA would have minimal impact on economy Hillicon Valley: Washington preps for Mueller report | Barr to hold Thursday presser | Lawmakers dive into AI ethics | FCC chair moves to block China Mobile | Dem bill targets 'digital divide' | Microsoft denies request for facial recognition tech MORE (D-Ore.) said in a statement. “It won’t take long for America to realize this postcard isn’t simple — it’s simply complicated. Just like the rest of Trump’s tax law the middle class is not going to fall for this con.”

Treasury and IRS officials said they plan to consult with tax professionals about the new form and finalize it over the summer.