Stephanie Ruhle on Tax Reform: Looks Like People Will See More Money in Their Paychecks Right Away
MSNBC host and NBC correspondent Stephanie Ruhle said Friday that most Americans will see an increase in their paychecks right away under the Republican tax reform law.
NBC “Today” co-host Hoda Kotb said that the Internal Revenue Service (IRS) is out with revised income tax withholding tables and that whenever things get confusing with taxes, the show brings in Ruhle to explain the system.
“There are going to be these IRS tax calculators that are coming out online, so you’re going to put out next month and you’re going to go online and say, ‘Here’s my income, here’s my family information,’ and by putting that out, they’re going to spit out a number,” Ruhle said. “You’re going to tell your employer if it seems too high or too low. Yes, it’s making you nervous…. This tax bill went through very quickly. They don’t have all the forms they need, but, according to the government, mid year, these companies should figure it out.”
Kotb asked Ruhle whether it looks like more people will get more money in their paychecks right away.
“It does. According to the White House, 90 percent of people are going to get an increase,” Ruhle said. “They say it should happen by next month. I’m not telling you should go out and buy a new washing machine today. Wait for next month to come, but, according to the White House, they are saying be patient, we need to work through the system.”
Co-host Savannah Guthrie said she is “still confused, but OK.”
“Give it a little bit of time. You’re going to fill out your W4. You’re going to use this new tax calculator online next month when it comes. These things take time to get through the system,” Ruhle concluded.
The Treasury Department and IRS on Thursday released new guidance and withholding tables for employers that estimate 90 percent of people who get a paycheck are likely to see more in take-home pay as soon as February, and that employers have until Feb. 15 to incorporate the changes.
Since President Donald Trump signed the tax reform plan into law last month, 81 companies have announced that they are investing more money in their workers.