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Taxpayers should see tax cuts in February paychecks, Treasury secretary says

Taxpayers should see tax cuts in February paychecks, Treasury secretary says

The most sweeping tax overhaul in three decades will make big changes to how families pay their taxes. The bill lowers tax rates for all income groups, but caps or eliminates many popular deductions. (Dec. 21) WASHINGTON — Taxpayers should start seeing the effects of tax changes in their take-home pay as soon as Feb. 1 and no later than Feb. 15, Treasury Secretary Steven Mnuchin said Thursday.  New withholding tables published by the Internal Revenue Service Thursday should allow employers time to adjust workers' paychecks in response to significant changes in tax law, he said. For individual taxpayers, those changes include a reduction of tax rates, a change in tax brackets, the increase in