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Good News! Your Take Home Pay is Probably Increasing Soon

Friday, January 12, 2018 10:41
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Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

While everyone’s all in a tizzy trying to figure out whether or not the President actually said some countries are sh*tholes or not, here’s something that’s definitely not sh*tty: many Americans will see their take home pay increase soon, thanks to the Republican tax bill.

Yesterday, the Internal Revenue Service (IRS) released updated income tax withholding tables, to reflect the new tax rates. According to the press release, the IRS is encouraging employers to start using these new 2018 withholding tables as soon as possible, but no later than February 15, 2018.

From the press release: “Many employees will begin to see increases in their paychecks to reflect the new law in February.  The time it will take for employees to see the changes in their paychecks will vary depending on how quickly the new tables are implemented by their employers and how often they are paid — generally weekly, biweekly or monthly.”

The new tax law includes an increase in the standard deduction, as well as changes to tax rates and brackets, resulting in lower taxes for most working Americans. Because less taxes will be owed for income earned this year, less money needs to be withheld from your paycheck in order to cover your taxes.

Accordingly, with less money withheld, that’s an increase in take home pay, giving Americans an instant raise, courtesy of the Republican Party and the tax bill they passed. 

This, coupled with the past few weeks of headlines about companies announcing new bonuses for their employees — corporations got a tax cut too — and it’s little wonder that Democrats in the most delightfully ridiculous panic about the bill.

They will look pretty silly continuing to tweet about the “#GOPTaxScam” when Americans open up their paychecks next month and they’re still whining.

Remember what happened with Obamacare, where regular Americans saw their insurance policies getting cancelled, premiums skyrocketing, fewer options, higher deductibles, and all sorts of other headaches. Despite all the problems, Democrats kept insisting that Obamacare was great and campaigned on that message. The American people didn’t believe them, and the Democrats lost their Congressional majorities.

I wouldn’t be surprised if this tax bill ends up creating a similar situation, except this time the Democrats will be telling the American people the tax bill is a catastrophe of horrific proportions, but everyone whose paycheck increased will just laugh at them.

Follow Sarah Rumpf on Twitter: @rumpfshaker.

The post Good News! Your Take Home Pay is Probably Increasing Soon appeared first on RedState.



Source: https://www.redstate.com/sarah-rumpf/2018/01/12/good-news-take-home-pay-probably-increasing-soon/

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  • Anonymous

    Not if you are self employed as so much of America is now. If you have your own business, you must file schedule C, itemizing but now you won’t be able to take all of the deductions that you pay to stay open. They are capped. Meanwhile with all the Bank money printing, your purchasing power goes down daily so your expenses go up. It will take another year or two before most people realize how they have just been screwed by the Trump “tax cut”.
    Your rent, utilities, supplies, vehicle expense, insurance, keeps going up taking more of a bite out of any profit each year, while your purchasing power is eroded because of Bankster counterfeiting, by design.
    Such a deal!

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