IRS rolls out new tax tables for promised bigger paychecks

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Under those new tables, the Treasury estimates that 90% of people who get a paycheck are likely to see more in take-home pay, as soon as February.

"We think there will be over $1 trillion in growth, so I do think this will pay for itself", Mnuchin said at an event hosted by the Economic Club of Washington, dismissing estimates from the Joint Committee on Taxation that the tax cuts will increase USA deficits by $1.1 trillion to $1.5 trillion over 10 years.

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

"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.

Revisions to the so-called withholding tables incorporate changes from the new tax law. 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.

The agency said it is revising the Form W-4 and the online employee withholding calculator to reflect the new tax law, including changes in available itemized deductions, increases in the child tax credit, the new dependent credit, and the repeal of dependent exemptions.

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Regarding central banks that are considering issuing digital currencies instead of physical currencies, Mnuchin said: "The Fed and we don't think there's any need for that at this point".

Employers may begin using these tables immediately, though they have until February 15 before they're required to do so.

Lisa Zarlenga, a partner at Steptoe & Johnson LLP in Washington, told Bloomberg Tax in an email that "the tax law generally reduced individuals' tax liabilities, so I expected that withholding would go down". They have ordered a review by the Government Accountability Office to determine whether the new tax guidelines are accurate. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement.

If they determine they are paying too much or too little in taxes, based on the size of their family or other variables, they can direct their employer to make changes.

Treasury also said that employers should withhold 22 percent for taxes on bonuses - lower than the current rate of 25 percent.

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.

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