Press Releases

Confirmed: Tax Bill Increases Paychecks for 9 in 10 Taxpayers

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Washington, January 11, 2018 | comments
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) confirmed today that hardworking Americans will receive bigger paychecks due to the Tax Cuts and Jobs Act. 

The IRS released new withholding guidelines today for employers to implement the Tax Cuts and Jobs Act. According to the Treasury, "with this guidance, most American workers will begin to see bigger paychecks. We estimate that 90 percent of wage earners will experience an increase in their take home pay."

"I am thrilled to see that the IRS has confirmed today what we have known all along," said Carter. "Thanks to the Tax Cuts and Jobs Act, hardworking Americans and families will get to keep more of their paychecks. It really is wonderful to see the free market work when we close unfair loopholes, simplify the tax code and get the federal government out of the way. On top of keeping more hard earned pay, companies across the country are announcing bonuses, wage increases, and increased benefits because of tax reform. The Tax Cuts and and Jobs Act is delivering on our promise of bigger paychecks and fairer, lower taxes."

Employers are encouraged to implement the new withholding tables as soon as possible, but should do so no later than February 15, 2018.

For more information about the withholding guidance from the U.S. Department of the Treasury, click here

For more information about the Tax Cuts and Jobs Act, visit fairandsimple.gop
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