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Poll: Majority of Americans say they are not seeing change in paychecks due to tax cuts

BY REBECCA SAVRANSKY - 03/28/18 07:50 AM EDT

A majority of Americans say they are not yet seeing President Trump's tax cuts reflected in their paychecks, according to a new poll.

A CNBC All-America Economic Survey finds 52 percent of working adults say they haven't seen a change.

Just 32 percent of the working adults report taking home more money due to the tax cuts, which Trump signed into law late last year.

Of those saying they are taking home more money, 38 percent say the extra pay they receive helps them a "great deal" or a "fair amount."
Forty percent say the extra pay helps "some" or "just a little," and 22 percent report that the extra pay "does not help much at all."

The poll was conducted from March 17 to 20 among 800 Americans, of which 60 percent were working adults. Its margin of error is 3.5 percentage points.

The Treasury Department and IRS released new guidance earlier this year that adjusted the amounts that companies set aside from their employees' paychecks for federal taxes.

Employers were instructed to adopt the new withholding tables by Feb. 15.

Treasury Secretary Steven Mnuchin has said that 90 percent of wage earners would see bigger paychecks due to the guidance.

http://thehill.com/policy/finance/380598...due-to-tax-cuts

I'm self employed and don't draw a regular paycheck but my wife does and hers hasn't really changed. So I was wondering if any of you have truly seen a big difference?

Don’t worry, in a short time the tax cut will be taken back...unless you’re a corporation. Then all those folks can go back to their days before being able to put that downpayment on a new house with their extra $30-60 a month...aka life changing money.
The tax cut has barely effected my pay. I think I’m up $20 per pay period. Meh.

I'm up 20 too

Hey but at least I now have a $5000 deductible health insurance plan. I mean trump did follow through on his promise to provide ‘the best, most amazing and affordable insurance that’ll cover everyone, believe me’... oh wait...

I havent really noticed any change but I get an hourly rate and a billable hours bonus so sometimes its hard to tell because those billable hours change by how hard I feel like working , or not working

I got a decent amount back in my paycheck.

My son said that he's getting a noticeable amount in his paycheck.

Jc

I was gonna get money back but my wifes egg had to split so now we are going to have three kids total

Now I cant use the personal exemptions so it reduces the benefit for people with 3+ kids there. However now I can take the child credit for all 3, whereas before I made too much money to qualify for it.

I can't use the pass through tax rate, otherwise I'd lower my tax bracket significantly to the Corp rate.

Really my biggest concern is we shuffled a bunch of money around and for the middle class we likely won't see lasting change. I'm already seeing the gains going away in the first year of the plan, and I'm exchange for that , I get increased medical premiums because the mandate repeal encourages people to not get health insurance. I wasn't a fan of the mandate as constructed but you cannot have insurance unless everyone has it. Otherwise it's just too expensive.

I'm up too, but don't remember how much exactly, in the $25-50 range. Assuming I get a raise this year, it'll likely only cver the amount my taxes will go back up.

People who don't like the raise can send the money back.

US Treasury Department
1500 Pennsylvania Avenue NW.
Washington, DC 20220

April 15th is coming up...the IRS always lets you donate money to them..I doubt you will just send them the extra $1000 (assuming 52 pays) that $20 a week is worth.

Once you get the increase (I got mine the second week of February) you get a new take home pay number.....6 weeks later you conveniently forget your January take home pay as this new pay becomes the norm and forget you got a tax break

That’s $20 per pay period. Every two weeks. 20x26=$520.
Not exactly big money. I can buy a ticket to fly home to Ohio and pay for part of a rental car once I get there. But I could have done that before. It’s a drop in my yearly financial bucket. It’s done nothing to change my lifestyle or my monthly budget. But you keep believing that the tax cut is raising people out of poverty. Just think in a mere 18 months or so it’ll be gone anyway....unless your a corporation.

Yep. Basically your cut of the tax deal will be about $1000 before your taxes go back up. Meanwhile your insurance premiums are going to increase sharply and other living expenses due to deregulation, cuts in government spending for social programs, increased military spending, lack of medical insurance reform, and a TRILLION dollar tax break for the rich.

The system is rigged and we are all predetermined losers.

LOL Right!

Everyone was promised a tax cut from Mr Twitter and that's not happening. Many middle class American's are seeing their paychecks reduced with higher withholding rates right now, not to mention state tax increases to cover what the feds cut.

Baseline to chew on:

Husband and wife with four kids under the age of 10. She stays home...he makes $130k/yr.

Tax reduction is $5,600...crumbs? He doesn't care if that shows up distributed via each paycheck or at this time next year...it's a big deal either way.

Some of you are likely to eat your words as this is a tax CUT for the majority of American taxpayers. I do this stuff for a living...don't believe the BS...this is good for the American taxpayer.

You could not possibly be more wrong here.

How do you know? Can you say every middle class American is getting a tax cut?

I'm a tax professional. How do YOU know?

Good.. Can you say every middle class American is getting a tax cut?

I looked at my pay stub for Jan, Feb, March 2018. Less take home, more with holding. My tax is going from 12% to 25%. 5% more then the corp rate.

Again...Can you say every middle class American is getting a tax cut? Mr. Twitter dee did.

What baseline is this? You're describing the upper middle class, whose household income is almost double the national average.

It's no baseline. It's made up, showing no details of assets, liabilities, and investments. It's total BS

Define middle class and I will give you other examples.

Do you understand that what gets withheld from your check does not necessarily equal your tax liability?

Single mother of three making $61,000/yr saves $1,660.

And you know this how?

I have a client with over $1,000,000 in his IRA and he gets free Obamacare. Nothing is perfect. You really need to focus your argument if you really want to learn and be given relevant examples.

You do understand as a "TAX PROFESSIONAL" that I will be falling in the 25% tax bracket even after deductions and my withholding is automatically adjusted by my employer to cover that?

It's an example. Did you notice he has four children and a stay-at-home wife?

Free Obamacare...LOL..No such thing And you call yourself a Tax Professional

There is no 25% bracket anymore. Calm down if you want to learn something. Your withholdings only dictate what you will eventually owe or get back. It has NOTHING to do with your tax liability or tax reduction from the new law.

I am paying 720.00 less this year just out of my check. Add the 845 my wife will be paying less, then the overall tax decrease in percentage, as well as the additional 1,000 credit for my son, and we are paying 3K less on the year. Ill take it.

So, your taxes more than doubled?

If you are in that tax bracket (now 22%) you will be seeing a reduction in your tax liability. If nothing else, your marginal rate is now 22% versus 25%.

So it's not a baseline, but just an example?

I think that an example of a married couple having $130k of annual wages between them would give a large amount of people a pretty good example of what might happen for them.

I called it a baseline...Spiral wants to talk about middle-class without defining middle-class. I want to talk about a family of six getting $100+ more a week in their pocket when some people are claiming the tax cut is only for the rich.

It's a baseline AND an example...how's that?

So your baseline is only comparable to 12% of Americans? Why not post the numbers for the average American household, which makes 75k a year?

Did you miss the single mother example above?

What changed that you went from 12% to more than doubling your tax at 25%?

What changed?