Steven Mnuchin Unsure if Bill Needed to Shore Up Tax Law

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Mnuchin said he was concerned about making sure that consumers fully understood the risks of investing in bitcoin.

"There's nothing that we've identified so far that we think is particularly problematic", he said. And that results in a refund when they file their tax returns. "We had existing technology".

Taking the first concrete step toward the Republican tax plan's promise of fatter paychecks for millions, the Trump administration on Thursday issued new guidelines for how much employers should withhold as taxes from workers' pay. Currently, 76 percent of Americans who file their taxes receive a tax refund. Meanwhile, tax professionals say there are some other things you need to do now to get ready for tax season next year.

Wyden and Neal have asked the Government Accountability Office to investigate their concerns.

Individuals may see increases in their paychecks as soon as February under updated 2018 withholding tables released by the IRS Jan. 11.

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"Republicans are using brute force and speed to implement a law that will deliver a financial blow to hardworking Americans all across the country", Sen. Ron Wyden of OR and Rep. Richard Neal of MA, both Democrats, said in a letter to acting IRS Commissioner David Kautter.

Many Americans are likely to see changes and adjustments this year in their tax payments as the law goes into effect. There are significant limitations on long-cherished deductions, such as the federal deduction for state income, property and sales taxes.

Mnuchin said the Treasury was talking to Congress about additional funding to aid implementation of the tax plan, which cuts rates for businesses and many individuals but significantly pares back deductions such as those for state and local taxes and mortgage interest.

Americans will not be asked to input personal information such as names or Social Security Numbers into this online calculator, but they will need to input their income levels, family status and a number of other details. Personal exemptions are a core feature of the current withholding system, but now that they are eliminated, "it's necessary to build a new approach to withholding, which will take some time", the senior IRS official said.

"We think there will be over $1 trillion in growth, so I do think this will pay for itself", Mnuchin said at an event hosted by the Economic Club of Washington, dismissing estimates from the Joint Committee on Taxation that the tax cuts will increase USA deficits by $1.1 trillion to $1.5 trillion over 10 years.

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