I don’t know everything in the bill, but to an extent, it’s probably an obvious, long overdue step. When I receive income, whoever sends it to me also sends it to the federal government. I don’t report any other income. So the stupid ritual of me having to tell the government what they already know is redundant. Occasionally, I’ve forgotten something and they inform me after the fact and readjust my taxes accordingly. It’s just a matter of them getting their data together, and they should be able to provide everyone with a preprinted tax form of everything that they know, of course, then you or your CPA can adjust it based on things that they don’t know.
This week I was so proud that I was actually sending in my 1040 in 4 days early. Then I got back from the post office and found I forgot to send the 1099R forms for IRA’s. Sent them separately, I hope this does not mess up my filing. With this system, no need to send them.