Treasury Secretary Mnuchin 'Very Focused on Cryptocurrencies'

US will renegotiate NAFTA or pull out -Mnuchin

Senior IRS and Treasury Department officials told reporters Thursday that they would be encouraging all Americans to proactively use a new IRS tax calculator in late February to help them determine whether their paychecks are accurate. Among those changes are an increase in the standard deduction, new tax brackets and more. Withholding allowance amounts were retained in employer withholding calculations for 2018, with the optional supplemental wage withholding rate set at 22 percent and the amount of additional wages to be added to tax calculations per pay period to nonresident aliens more than tripled, according to Notice 1036.

The Internal Revenue Service will need to hire "a significant number of people" to implement the new GOP tax law.

Yahoo! Finance crunched the numbers from the tables and the verdict is in: Most taxpayers will see more money in their take-home pay.

Calling it "one of the funniest things I've possibly heard", Mr. Mnuchin said, "I think most people understand the concept of a charitable deduction that is voluntary, that goes to help people, is very different than the high cost of real estate taxes".

The agency also published a list of frequently asked questions to accompany the new tables.

The Treasury Department on Thursday released the withholding tables for the new tax law. L. No. 115-97), the IRS said December 26.

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Individual taxpayers aren't required to make any changes right now. That means employees could start seeing the changes reflected in their paychecks next month, the IRS said. "We'll work with payroll providers; we'll work with companies, we'll do education sessions, so that taxpayers are properly withheld".

"In 2019, the IRS anticipates making further changes involving withholding", the agency said in the FAQs.

The IRS also said it was not yet ready to issue a new W-4 form. Still, government officials warned employees to re-assess their own withholding to avoid upsetting their personal tax plans.

Senior Treasury Department officials said they expect employers to update their systems so that the new withholding tables go into effect by February 15. Ron Wyden, D-Ore., said in a statement.

In the letter, Wyden and Neal said that withholding too little in taxes presents "a considerable problem and undue hardship".

"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 in a January 11 news release.

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