The GOP has headway to make with millennials, as Speaker Paul Ryan is well aware, which is one big reason why he launched his “Better Way” plan. This includes simplifying the tax codes, The Christian Science Monitor reported.
Taxes are particularly daunting for millennials. Simplifying the tax codes isn’t particularly glamorous, but it affects everyone’s day-to-day lives. Ryan’s plan is to make paying taxes “so simple that the average American can do their taxes on a postcard, and that the average IRS agent can understand it,” he said on Friday.
Simple is especially key for millennials. A February Nerdwallet survey found that “Millennial Fear Filing Taxes More Than Most Americans,” with 80 percent worrying about making mistakes, paying too much, or not getting a full refund, among other concerns.
They don’t turn to an accountant or the IRS as much, but the GOP plan would hopefully change that by addressing complaints about a lack of using the digital world and focusing on customer service.
Millennials are also involved in what is called the gig economy where occupations don’t regularly produce W2 forms, which the new tax plan doesn’t address. Not yet anyway. But, the plan is still being applauded by Alex Hendrie of Americans for Tax Reform for “mak[ing] that piece of paper somewhat easier to read.”
The form will remove itemized tax reduction millennials don’t really use, including everything except mortgage and charitable contributions. Alternative minimum tax and the estate tax are also to be eliminated.
The plan truly shows an appeal to millennials, where it will likely count if it goes noticed. The plan is also bold, as it would be a break from years of tax law.
