Global News

Treasury releases withholding tables for new tax law

Treasury releases withholding tables for new tax law

The Internal Revenue Service is making changes to the guidelines that help workers determine how much of their paycheck is withheld by their employer as income taxes.

U.S. Department of Treasury Secretary Steven Mnuchin on Thursday called efforts by states such as California, New York and New Jersey to limit the scaling back of state and local tax deductions "ridiculous".

Businesses across the country must adopt the changes by February 15.

The Thursday as it begins to adapt to changes in the tax law enacted last month.

The department's inspector general launched the investigation after Treasury Secretary Steven MnuchinSteven Terner MnuchinMark Mellman: History's judgment Trump's motorcade greeted with chants of "lock him up" in NYC Treasury watchdog probes lack of tax plan analysis from Mnuchin MORE faced intense criticism over the scoring of the GOP tax plan. You might not have bothered looking at it since then and you should take this opportunity to review your withholdings and see if it is time to make some changes.

"I want to make sure that consumers who are trading this understand the risks because I am concerned that consumers could get hurt", he said.

That's not bad advice for any year when there are big tax changes but it's especially critical this year. "The IRS will work with the business and payroll community to encourage workers to file new Forms W-4 next year and share information on changes in the new tax law that impact withholding".

The government said that workers will not have to fill out new W-4 forms to take advantage of the changes this year.




Too good to be true?

For people with simpler tax situations, the new tables are created to produce the correct amount of tax withholding.

"Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country", Sen.

The top Democrats on the House Ways and Means and the Senate Finance committees have raised concerns about whether the new tables could lead to systematic underwithholding.

Democrats, who say the Republican tax overhaul is mainly a giveaway to the wealthy, have warned that the new IRS guidelines could be skewed to give taxpayers an exaggerated benefit ahead of the elections that they would have to repay in 2019.

"I look forward to GAO's independent review of these tables, which will expose whether the Trump administration is tampering with Americans' paychecks, resulting in a whopping tax bill next year", Wyden said.

The GAO is reviewing Wyden and Neal's request, agency spokesman Charles Young said in a January 11 email.

Currently, the IRS is revising that tool to reflect the most recent tax law changes.


  • Things We Want To See In 'Avengers: Infinity War'

    Things We Want To See In 'Avengers: Infinity War'

    The can apparently be no doubt by now that Avengers 4 will involve a major alternate timeline or some serious time-travelling. That also likely has massive implications for the future, as messing with time travel always seems to result in big changes.
    Spurs chairman makes bold claim over futures of Kane and Alli

    Spurs chairman makes bold claim over futures of Kane and Alli

    Real Madrid, on the other hand, may have to step up their interest in order to secure the services of the player. With no imminent arrivals for Tottenham , Mauricio Pochettino admits the club's transfer activity is now frozen.
    United States  urges citizens to 'reconsider travel' to Pakistan

    United States urges citizens to 'reconsider travel' to Pakistan

    Several European countries that are popular with American tourists were put at the Tier 2 level due to risks related to terrorism. Meanwhile, No. 3 advisories suggest travelers reconsider trips to designated locations, while No. 4 recommends against travel.
  • As Coca (KO) Stock Rose, Calamos Advisors LLC Has Boosted Holding

    The company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.49 by $0.01. Glob X Mngmt Ltd Limited Liability Company stated it has 0.28% of its portfolio in The Coca-Cola Company (NYSE:KO).
    Margot Robbie's story about meeting Barack Obama on her honeymoon is hilarious

    Margot Robbie's story about meeting Barack Obama on her honeymoon is hilarious

    The chance meeting in the hotel gym was made extremely awkward by what Tom chose to wear for their workout session. Robbie said it was then that DeGeneres looked at him and said, "Boy, those were the wrong shorts to wear today".
    Transgender Big Brother star Rebekah Shelton is NOT dead

    Transgender Big Brother star Rebekah Shelton is NOT dead

    But a year ago , the reality star admitted she was struggling to cope with the huge transition because she felt isolated. Her devastated followers immediately responded with messages of condolences after seeing the bad message posted online.
  • Muslim bodies oppose Netanyahu's visit to India

    Muslim bodies oppose Netanyahu's visit to India

    Prime Minister of Israel Benjamin Netanyahu will be on a six-day visit to India from coming Sunday. The Israeli prime minister will have a number of engagements in Mumbai on January 18.
    Trump lawyer Michael Cohen sues BuzzFeed for publishing Russia dossier

    Trump lawyer Michael Cohen sues BuzzFeed for publishing Russia dossier

    He is mentioned 15 times in the dossier, which alleges ties between Russian Federation and President Trump's campaign. A Russian tech executive named in the report also sued the media company and Smith past year for defamation.
    'Flight of the Conchords' is returning to TV as a special

    'Flight of the Conchords' is returning to TV as a special

    The show comes nine years after the end of their self-titled TV show for the broadcaster ended after two seasons and 22 episodes. Since then, McKenzie won an Oscar for writing songs for 2011's The Muppets , with Clement now co-starring on FX's Legion .
  • Rose McGowan's new E! docuseries will include her controlled substance arrest

    Rose McGowan's new E! docuseries will include her controlled substance arrest

    But actress Rose McGowan , who was one of the first to go public about abuse, laid into "hypocrites" who did not speak out before. When introducing the gong for best director, she told the audience: "And here are the all male nominees".
    Nick Kyrgios Reaches Brisbane International Final

    Nick Kyrgios Reaches Brisbane International Final

    However, after saving five break points early in the contest, Kyrgios soon took charge of proceedings and ultimately won easily . The Australian's world ranking will improve to 18 after reaching the Brisbane final and will climb to 17 if he claims the title.
    U.S.  blocks sale of Moneygram to Chinese firm

    U.S. blocks sale of Moneygram to Chinese firm

    MoneyGram is calling off its merger with a Chinese financial services giant after failing to get approval from the USA government. The Chinese government holds a 15% stake in Ant Financial , according to the congressmen, who are both Republicans.