The new income tax forms planned for release this week by the Treasury Department meet the administration’s promise of a smaller “postcard style” tax form, but skepticism remains on whether the revisions are a meaningful step toward tax simplification.

A draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, obtained by Bloomberg Tax reduces the number of line-items from 79 to 23 and shortens it from two full-sized pages to a double-sided postcard. Accompanying the draft Form 1040 are six schedules to be used for reporting additional income, credits, and other deductions that have...