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Treasury watchdog finds no political pressure on tax analysis

Treasury watchdog finds no political pressure on tax analysis

Businesses across the country must adopt the changes by February 15.

"These new tables will help deliver the tax cuts as soon as possible to as many Americans as possible, with as little disruption as possible", Treasury Secretary Steven Mnuchin said at a White House briefing.

Lawmakers in blue states have been considering strategies to work around the federal tax overhaul's $10,000 cap for deductions on state and local taxes, or SALT, with some floating concepts that would allow taxpayers to make charitable donations to state funds, offsetting SALT. "Our objective is not to have taxpayers over-withheld, so they owe money at the end of the year", Mnuchin said Thursday during the news conference.

Despite less withholding, it is also expected that tax returns will not be effected. The effort will be created to help workers ensure that they are not having too much or too little withholding taken out of their pay.

"The other concern I have is, there's a lot of speculation in this, and I want to make sure that consumers who are trading this understand the risks", Mnuchin said.

That's not bad advice for any year when there are big tax changes but it's especially critical this year.

But the Internal Revenue Service said it is working on a new W-4 form, which a significant number of workers will have to fill out in order to benefit from the changes in 2019.

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And roughly three-quarters of tax filers are overwithheld because they take too few allowances.

Later this year, the IRS expects to revise the Form W-4, which employees use to ultimately determine how much of their pay is withheld toward income taxes.

Too good to be true?

This morning I've decided that the most important thing I can tell you about is a change to the tax table.

"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. Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement.

"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. "We've constructed the tables so that most people should be accurately withheld if they leave their W-4 in place", an IRS official noted on Friday.

The GAO has said Wyden's request must go through its usual review process before a decision to proceed is made.


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