Published: Sat, January 13, 2018
Business | By Tara Barton

Treasury releases withholding tables for new tax law

Treasury releases withholding tables for new tax law

However, the new withholding guidance is the first step in implementing changes in how the IRS will collect taxes from employee paychecks.

In rushing the process, the Treasury Department is asking companies to rely on outdated forms to help determine how much to withhold. President Donald Trump and the Republican architects of the tax plan have deflected criticism of the unpopular legislation, insisting at every turn that Americans will come to love the new law when they see their heftier paychecks next month - with less money withheld in anticipation of lower income taxes. But many Americans, including those who tend to itemize their tax returns, will need to use the online tool to ensure they are not dramatically overpaying or underpaying their taxes.

Nine out of 10 taxpayers "will see a boost in their take-home pay within the coming weeks", he said said in a statement. Trump administration officials said that the guidelines should lead to bigger paychecks for 90 percent of all wage earners.

Treasury ultimately released a one-page analysis on December 11 showing that the tax plan would more than pay for itself when using the Trump administration's optimistic economic growth assumptions that factored in future economic policies.

"The other concern I have is, there's a lot of speculation in this, and I want to make sure that consumers who are trading this understand the risks", Mnuchin said. "We had to figure out how to fit this in this format". Employers should begin using the new tables as soon as possible, but not later than February 15.

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This means that American workers don't have to do anything to receive the savings. A senior IRS official said he expected that level to fall just a bit next year to around 73 percent.

This morning I've decided that the most important thing I can tell you about is a change to the tax table. Senator Elizabeth Warren, a Democrat, asked Thorson's office to review whether Treasury resources had been used to research the tax plan, and why no analysis had been released to the public or Congress.

There are significant limitations on long-cherished deductions, such as the federal deduction for state income, property and sales taxes. The tax code now limits the deduction for state and local taxes to $10,000.

Most workers won't have to submit any tax forms to see a change in their withholding. There are new tax credits while other mainstays - like the $4,050 personal exemption - are gone.

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