President Donald Trump’s tax bill has already made a difference for many Americans. Comcast, AT&T, and Fifth Third Bancorp are just some of the companies that added a $1,000 bonus to their employees’ paychecks.
According to the U.S. Department of Treasury, the majority of Americans should expect to see an increase in their take-home pay this year, too.
On Thursday, Treasury Secretary Steve Mnuchin talked about the new withholding tables from the IRS.
The Treasury Department on Thursday released the withholding tables for the new tax law.
The tables lay out how much tax to withhold or not withhold from paychecks. With these new guidelines, companies can start adjusting employee paychecks.
While employers can begin doing this voluntarily, they will have to comply with the new guidance by Feb. 15.
Treasury Secretary Steven Mnuchin said the government expects about 90 percent of workers to see an increase in their take-home pay.
Mnuchin also mentioned that the IRS will have a new calculator on its website by the end of February so that taxpayers can figure out how the change will affect them.
You can watch his remarks in the video below.
This article was published on ijr.com