US Treasury: 90% of Americans Will See Larger Paychecks in February

Violet Powell
January 14, 2018

Revisions to the so-called withholding tables incorporate changes from the new tax law.

The Internal Revenue Service published the new income-tax withholding tables to conform to the sweeping $1.5 trillion tax overhaul, the first major rewrite of the tax code in three decades, which became law last month and took effect Jan 1.

Individual taxpayers aren't required to make any changes to their Form W-4 right now. The IRS doesn't expect that to change much under the new tax law given the preference filers have shown for getting big refunds, rather than just breaking even or having to cut a new check to Uncle Sam when they file their returns. "Our objective is not to have taxpayers over-withheld, so they owe money at the end of the year", Mnuchin said Thursday during the news conference.

The IRS also said it was not yet ready to issue a new W-4 form. Among those changes are an increase in the standard deduction, new tax brackets and more. "With the child tax credit, like, 'Is it true that will increase?' Yes, it increases, but not with the 2017 tax year, for the 2018 tax year", said Curtis.

So now is a good time to take a second look at your tax withholding at work.

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Mnuchin said the Treasury was talking to Congress about additional funding to aid implementation of the tax plan, which cuts rates for businesses and many individuals but significantly pares back deductions such as those for state and local taxes and mortgage interest.

The tables lay out how much tax to withhold or not withhold from paychecks.

Most people fill out their W-4 form when they're hired at a new job and don't change it unless they get married, have kids, get divorced or experience other life-changing situations. Still, government officials warned employees to re-assess their own withholding to avoid upsetting their personal tax plans. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement. Ron Wyden (D-Ore.) and Rep. Richard E. Neal (D-Mass.) said in a January 8 letter to U.S. Comptroller General Gene L. Dodaro. Two Democratic lawyers asked the watchdog Government Accountability Office to review the guidelines.

Treasury Secretary Steven Mnuchin, speaks to reporters during a White House daily press briefing in the Brady press briefing room at the White House, in Washington, Thursday, Jan. 11, 2018.

The GAO has said Wyden's request must go through its usual review process before a decision to proceed is made.

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