The “simplify taxes” agenda is just another part of the schtick that will accomplish nothing. The basic 1040 stuff like W2 income and typical the deductions I listed above aren’t what makes taxes complicated. Taxes become complicated when one has business income. And that will not change.
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That’s a great point but it’s still way more complicated than just “business” income. It’s the source of the business income, the type of entity where the business income came from. Is it business income or investment income? Passive or active? With or without active participation, with or without material participation. Are there tax preferences used in arriving at the income amount? There are 20 different lines for non-wage income on the 1040, and many of them include many types of income. And then, there are an additional 13 lines of adjustments to income, many of those including different types of adjustments. Tax returns aren’t complicated because of too many rates. They’re complicated because writing tax law is complicated. Way too complicated for Donald Trump.
