.@IvankaTrump: "@POTUS was very clear that he really wanted to ensure that this bill accomplished two goals: Of enabling American businesses to grow and be competitive and… to target relief for middle-income families." pic.twitter.com/TYq10dgslv
— Fox News (@FoxNews) December 21, 2017
Fashion designer, famous daughter and sometimes presidential advisor Ivanka Trump apparently doesn’t understand how either taxes or legislation works in the United States.
During a Thursday morning appearance on Fox News, Ivanka Trump was being glittered with praise and smiles from the cast of Fox & Friends. As the segment wound down, she said:
I’m really looking forward to doing a lot of traveling in April when people realize the effect that this has. Both on the process of filling out their taxes–the vast majority will be doing so on a single postcard–but also having experienced the relief that will be starting as early as February.
Maybe the Internal Revenue Service will fulfill Paul Ryan‘s pre-adolescent dreams of postcard-sized 1040 forms. That’s certainly a possibility and cynicism deserves no quarter here.
And, yes, Ivanka Trump is probably looking forward to traveling in April. But very few people will be realizing the tax cut’s effects during that month of jet-setting. Fewer still will be experiencing tax relief in February of next year.
That’s because the new legislation will take effect on January 1, 2018. This means it will only begin to have an impact on income taxes filed in spring 2019–taxes which cover the 2018 tax year.
Due to the various and compounded intricacies of the simpler–and temporary–tax code just passed, there are certainly some possible changes which could take effect sooner. One of those possibilities is lower withholding rates for employers (and therefore employees) due to the issuance of IRS guidance coming more or less immediately–but that’s only a possibility and lower withholding rates have always been something taxpayers could choose to opt in for.
[image via screengrab;video courtesy Fox News]
Follow Colin Kalmbacher on Twitter: @colinkalmbacher
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