Roe to East Tennesseans: Check Your Paycheck
WASHINGTON, D.C. – Today, Rep. Phil Roe, M.D. (R-Tenn.) released the following statement after the Internal Revenue Service (IRS) updated the income tax withholding tables for 2018 and beyond:
“American taxpayers are now starting to see the full benefits of the Tax Cuts and Jobs Act. Now that the IRS has updated its tax withholding tables and all businesses must begin using them, every American should see the proof in their paychecks if they have not already. Look at your next paycheck. Chances are, it has increased since the beginning of the year and that’s a direct result of the tax cuts we passed. I’ve said it before and I’ll say it again: tax reform is good for East Tennesseans, and not just because of lower rates. This good news is on top of hundreds of companies announcing increased investments in their workforce, including pay increases, bonuses and benefit improvements. Employers like Walmart, UPS, FedEx, Starbucks, Verizon, CVS, Lowe’s and Home Depot, who altogether employ thousands of East Tennesseans, have already announced changes that are likely to benefit many hardworking East Tennesseans. I’m thrilled to see the growing list of businesses who have taken these steps, and I know there is more good news to come.”
On January 11, 2018, the Treasury and IRS provided guidance to employers to implement the new withholding tables no later than February 15, 2018. You can find that announcement here.
You can find a sampling of announcements related to the Tax Cuts and Jobs Act in the links below: