What's in Your Paycheck? More Money
Today, the Treasury Department announced new withholding tables for payroll taxes following the Tax Cuts and Jobs Act becoming law last year.
The new withholding tables mean that taxpayers will see immediate tax relief starting next month. According to the Treasury Department, employers should comply with the new rules by February 15.
Congressman John Moolenaar voted for the Tax Cuts and Jobs Act and made the following statement on today's news:
"Many Michigan residents are living paycheck to paycheck and next month those paychecks are going to be bigger. They will have extra money in each paycheck to spend here in our communities and to provide for their families."