“The U.S. Treasury and the IRS on Thursday put out new guidance and withholding tables for employers that incorporate changes from the new tax law,” Jeanne Sahadi and Katie Lobosco report for CNN Money. “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. Employers will have until Feb. 15 to incorporate the changes in their payroll systems.”
“The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions,” Sahadi and Lobosco report. “The new tables are designed not only to best approximate the change in workers’ tax liability under the new law, but to do so in a way that ‘delivers benefits as soon as possible to as many people as possible with as little disruption as possible,’ a senior Treasury official told reporters.”
Yesterday was a big day for the stock market. Jobs are coming back to America. Chrysler is coming back to the USA, from Mexico and many others will follow. Tax cut money to employees is pouring into our economy with many more companies announcing. American business is hot again!
— Donald J. Trump (@realDonaldTrump) January 13, 2018
Sahadi and Lobosco report, “Personal exemptions are a core feature of the current withholding system, but now that they are eliminated, ‘it’s necessary to build a new approach to withholding, which will take some time,’ the senior IRS official said.”
Read more in the full article here.
MacDailyNews Take: Obviously, as a seller of consumer electronics, computer software and online services, more disposable income in people’s pockets is good news for Apple!
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