Economist: Dems Should 'Thank Their Lucky Stars' That Tax Day Doesn't Come Before Midterms
Economist Peter Morici thinks Democrats are lucky that tax filing day doesn't come before November's midterm elections.
Morici appeared on "Fox & Friends First" on Monday to react to U.S. Treasury Secretary Steven Mnuchin's announcement that new, postcard-sized tax forms will be released this week.
As they worked on tax reform, Republicans had promised to make the filing process clearer and simpler for Americans, so much so that the 1040 form, the basic tax-filing document, would be the size of a postcard.
“Next week we will be unveiling the new 1040, and it will be a postcard as we promised,” Mnuchin said last Wednesday during a press conference celebrating the six-month anniversary of the passage of the Tax Cuts and Jobs Act. “Hardworking taxpayers won’t have to spend nearly as much time filling out their taxes.”
Morici said many taxpayers will find filling out the postcard form much easier, because they can simply take the new larger standard deduction instead of itemizing their deductions.
"You won't have to go to H&R Block to do your taxes, you won't have to keep mountains of records," Morici said. "All you're gonna need is this tax form -- the statement you get from your employer every year. You fill out the boxes and bingo, you're out the door. We're talking about something that takes half an hour."
He said the tax reform bill and the simplified filing process will make April 15 -- the day on which individual income tax returns are due -- "palatable" for Americans.
"The Democrats should thank their lucky stars that we're not filing on October 15, because then Donald Trump would be able to go on TV, along with Speaker Ryan, and say, 'Look what we gave you,'" Morici said. "Because worse than taxes, people hate filing."