Jun 26, 2018

Go deeper: See the new income tax forms

Chairman Kevin Brady, R-Texas, holds a tax filing postcard in November 2017. Photo: Tom Williams/CQ Roll Call.

The New York Times obtained a draft of the new 1040 income tax form Tuesday, and, as the Trump administration and Congressional leaders promised, it's smaller.

Why it matters: Some taxpayers will spend less time filling out the new 1040 form. Others, particularly those who need to tally business income, capital gains and other forms of income, will likely still face a mountain of paperwork.

The details: The main form has shrunk from two full pages to a double-sided half page.

  • More than half of the line items from the previous form are gone.
  • Several deductions — such as student loan interest or teaching supplies — that were on the old 1040 have been removed.
  • Those deductions haven't been eliminated — they've just been offloaded to six different accompanying worksheets that many taxpayers will also have to fill out.

The bottom line: The IRS releases the new form this week. Though it is designed to be close to "postcard" size, it still needs to be mailed in an envelope to protect Social Security numbers and other private information.

But, but, but: More than 90% of taxpayers file their taxes online, according to efile.com. If the postcard encourages more people to file their taxes through the mail, the IRS could face extra work processing all that paper.

What they’re saying:

  • “It will be a postcard as we've promised, and hardworking taxpayers won't have to spend nearly as much time filling out their taxes,” Treasury Secretary Steve Mnuchin said about the new form.
  • The new form “only adds needless complexity and confusion. The longer Form 1040, which all taxpayers have used for decades, is being replaced with Republican mythology that will only complicate tax filing,” said Rep. Lloyd Doggett of Texas, the top Democrat on the Subcommittee on Tax Policy, per NYT.

Go deeper

Sign of the times: A pro-Warren super PAC

Democratic presidential candidate Sen. Elizabeth Warren at a rally in Nevada. Photo: Alex Wong/Getty Images

A group of women progressives who back Sen. Elizabeth Warren has formed Persist PAC, a super PAC airing pro-Warren ads starting Wednesday in an effort to boost her performance ahead of Saturday's crucial Nevada caucuses, a spokesman told Axios.

Why it matters: Warren has spoken adamantly against the influence of unlimited spending and dark money in politics. But these supporters have concluded that before Warren can reform the system, she must win under the rules that exist — and that whether she likes it or not, their uncoordinated help may be needed to keep her viable through this weekend's contest and into South Carolina and Super Tuesday.

Go deeperArrowUpdated 1 hour ago - Politics & Policy

Pentagon policy chief resigns amid reported discord with Trump

John Rood. Photo: Mark Wilson/Getty Images

John Rood, the Pentagon's top policy official, will resign from his post at the end of the month, CNN first reported and President Trump confirmed.

The state of play: CNN said Rood "was perceived as not embracing some of the changes in policy the White House and senior Pentagon officials wanted," such as peace talks in Afghanistan with the Taliban and a decision to cut back on military exercises with South Korea as the president courted North Korea's Kim Jong-un.

Coronavirus cases rise, as warnings of global pandemic grow

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

We may be "at the brink" of a global pandemic, warns a top U.S. public health official, as cases continue to spread despite containment efforts. Meanwhile, the global economy is being affected, including the tech manufacturing industry.

The big picture: COVID-19 has now killed more than 2,000 people and infected over 75,000 others, mostly in mainland China, where the National Health Commission announced 136 new deaths since Tuesday.

Go deeperArrowUpdated 2 hours ago - Health