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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.


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