Tax reform: IRS, Treasury take first step toward raising your paycheck

Fox Business | Jan. 13, 2018

By Brittany De Lea

The Internal Revenue Service (IRS) and U.S. Treasury Department released new withholding guidance on Thursday, indicating that employees should see the tax reform changes reflected in their paychecks by next month.

“With this guidance, most American workers will begin to see bigger paychecks. We estimate that 90% of wage earners will experience an increase in their take home pay,” said U.S. Treasury Secretary Steven Mnuchin in a press release.

New withholding tables needed to be issued in order to reflect the changes to tax rates, tax brackets, the elimination of personal exemptions and an increased standard deduction under the new law, passed by the GOP in December.

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