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CNBC's Carl Quintanilla reports from Hanoi, ahead of the Trump-Xi trade meeting, to look at Vietnam's manufacturing boom and whether it can be sustained.Economyread more
Next year, Americans will be able to file their individual tax returns on a postcard.
The GOP's long-promised change is an offshoot of a tax overhaul last year that cut corporate rates and changed individual tax brackets. On Friday, the Treasury Department and IRS unveiled the new postcard, which will replace the current forms 1040, 1040A and 1040 EZ.
Treasury Secretary Steven T. Mnuchin said in a statement, "The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers.”
More than 90 percent of individuals file their tax returns electronically, something the IRS has encouraged in recent years as a safer, faster and easier way to submit their information.
The tax overhaul was designed to make it so simple 9 out of 10 people would be able to use the postcard to file, according to Republican Rep. Kevin Brady, in comments last year around the time the tax bill was introduced. It was ultimately passed and signed by President Donald Trump, who had campaigned heavily on tax reform.