IRS rolls out new tax tables

US Finance Regulators Form Crypto Working Group, Says Mnuchin

On Thursday, Treasury Secretary Steve Mnuchin talked about the new withholding tables from the IRS.

The IRS is also being urged to release new tables as soon as possible that determine how much tax must be withheld from workers' paychecks, because until those are provided to employers and payroll companies, those who are due to receive tax cuts won't see an increase in their take-home pay.

Democrats remain critical of the Republican-led tax bill and warn that the the new tax guidelines allow the Trump administration to deliver on the promise of a large middle-class tax cut ahead of the 2018 mid-term elections, but, in fact, will leave taxpayers owing inordinately larger tax bills in 2019.

As President Donald Trump's recent tax overhaul is rushed into law, with businesses expected to make the necessary payroll adjustments by February 15, the Treasury Department is requiring employers to use old forms applicable to the old tax system, known as W-4s, in calculating how much to withhold in taxes from employees' paychecks. 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.

Trump administration officials continued to point to corporate announcements of pay increases and bonuses to promote the early success of the tax cuts.

Americans will not be asked to input personal information into this online calculator, such as their names or Social Security Numbers, but they will need to input their income levels, family status, and a number of other details.

Mnuchin threw cold water Thursday on a proposal floated by two such states - California and New Jersey - to get around the $10,000 limit on deducting state and local taxes from federal income. Ron Wyden, D-Ore., said in a statement.

"The Administration's monumental tax reform legislation continues to provide economic benefits for hard-working Americans".

Many Americans will likely see changes and adjustments this year in their tax payments as the law goes into effect.

Employers must now rush to incorporate the new tax withholding tables into their payroll systems, a process that is expected to take several weeks.

But that will be partially offset by new curbs on numerous tax breaks, including the elimination of personal exemptions and the new cap on state and local taxes.

In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they now take on their W4s once the IRS puts out its new withholding calculator by the end of February.

These tax changes are all scheduled to expire after 2025, though Republicans have said they want to make them permanent.

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