First Tax Cuts Are Hitting Paychecks And They’re So Good Some People Think It’s A Glitch

[Right_in_Virginia]

First Tax Cuts Are Hitting Paychecks And They’re So Good Some People Think It’s A Glitch
Gateway Pundit, Jan 29, 2018, Jim Hoft

Democrats and their media allies did an amazing job misinforming the public about the tax reform bill.

The benefits of the bill are starting to show up in people's paychecks and some folks believe it's some kind of mistake that they're getting more money.

Take a look at this Twitter thread:

So my company issued its first tax cut payroll today, and it's been hilarious around here.

-- Federalist Musket (@Patriot_Musket) January 26, 2018

At first people were calling us here in the IT department in hushed voices.

"Um, did payroll have a glitch or something? Did you, uh, you know, uh get more money than usual?"

-- Federalist Musket (@Patriot_Musket) January 26, 2018

No, it's not a glitch. You got your tax cut today.

".......I got a tax cut?"

YES! You and everyone else got the tax cut that was passed in December. Congratulations!


Read more: http://www.thegatewaypundit.com/2018/01/first-tax-cuts-hitting-paychecks-theyre-good-people-think-glitch/

[Snarknado]

Nice to hear, but I'd have to guess that the reduction in the Jan 26 check was in part the adjustment for earlier overpayments?

[Restored]

My check amount is higher for some reason

[dfwgator]

[Sanguine]

I fully expected my taxes to go up, but looks like they will go down a bit.   ^-^

[GrouchoTex]

I got an extra $65.00 on this coming payday.
It is payday # 2 of 24 this year.
So, 23 x 65= $1,495.00 for this year.

[Cyber Liberty]

I got an extra $65.00 on this coming payday.
It is payday # 2 of 24 this year.
So, 23 x 65= $1,495.00 for this year.

Enjoy your crumbs.../s

[NavyCanDo]

It was my understanding that the new tax formula would first be noticeable on the February paychecks. At least for my company.    Looking forward to my first Feb paycheck to see how much more take home I will have.   

HOWEVER - Could they find a way to keep whatever amount more we take home a secret from Mrs. Navycando?     It doesn't help when the news is spreading this all over the place or when someone post it to social media or a forum like TBR.  When news passes that we get a raise or what our bonus percentage we get, she goes to work on deciding what NavyCantDo.

[NavyCanDo]

I would be happy if it just made up for my increased health-Care paycheck contribution that doubled in January (Thanks to Obama) so I am back to where I was in 2017.

[ABX]

I'm actually down about $75, but that's due to increased health insurance costs but we knew that change was coming back in October. I haven't dug into the numbers for my Feb check to see what the net result is.

The amount I can put in my 401K did drop.  -- correction on that, the HCE threshold is the same. It was an employer match change I was seeing (tops out at a lower percent based on income).

[Restored]

At the same time, I need to shelter more income to reduce my taxable income.

[Snarknado]

I got an extra $65.00 on this coming payday.
It is payday # 2 of 24 this year.
So, 23 x 65= $1,495.00 for this year.

Not to belittle the tax cut, but that $65 might be for both pay periods. In that case the total would be 12 x 65 = 780. It's usually cleaner to make the one-time retroactive adjustment than pro-rate the change over a partial year. For one thing, you'd be doing it one way for existing employees and a different way for new hires...

[GrouchoTex]

Not to belittle the tax cut, but that $65 might be for both pay periods. In that case the total would be 12 x 65 = 780. It's usually cleaner to make the one-time retroactive adjustment than pro-rate the change over a partial year. For one thing, you'd be doing it one way for existing employees and a different way for new hires...

I'l know on the 15th of February...

[GrouchoTex]

Enjoy your crumbs.../s

I ain't givin' back (not willingly,anyway).

[Cyber Liberty]

I'l know on the 15th of February...

I'll know on the 9th.  Last Friday's had a bump of 50 bucks.

[NavyCanDo]

 I suggest a February Paycheck thread where we can compare Jan vs. Feb pay checks to get an honest comparison to see what this Tax cut does.   Don't have to disclose what you make, but instead how much more you made. Anyone in?

[Right_in_Virginia]

I suggest a February Paycheck thread where we can compare Jan vs. Feb pay checks to get an honest comparison to see what this Tax cut does.   Don't have to disclose what you make, but instead how much more you made. Anyone in?

FWIW @NavyCanDo I think it's a great idea!   

[Sanguine]

I suggest a February Paycheck thread where we can compare Jan vs. Feb pay checks to get an honest comparison to see what this Tax cut does.   Don't have to disclose what you make, but instead how much more you made. Anyone in?

$203 increase over January.

[corbe]

    As I believe I alluded to earlier 'A rising tide raises all boats'. I'm mostly retired but since the Tax Cuts, the few small businesses I kept under contract are upgrading their PC's, POS's and servers across the board from CPA's to Restaurants and Hair Salons.
    Keeps me Busy and mostly out of trouble, not to mention the padding of my bottom line, also delightful. But as most of us know these Tax Cuts won't make up for the rising cost of inflation in most everything, bought a loaf of Bread, lately?  It's nice, better than nothing, but not the panacea some here advocate, IMHO.

[NavyCanDo]

$203 increase over January.

WOW!   For the month or per paycheck assuming you get paid every 2 weeks? 
 With the tax cut, a pay raise  in March that should be between $200- $300 A month, plus my last car payment is also in March, I could be netting $800 or more a month. Remember what I said earlier about not letting the wife know?   I need you all to raise your right hand and swear not to tell.    So I can stimulate the economy, of course.

[Sanguine]

WOW!   For the month or per paycheck assuming you get paid every 2 weeks? 
 With the tax cut, a pay raise  in March that should be between $200- $300 A month, plus my last car payment is also in March, I could be netting $800 or more a month. Remember what I said earlier about not letting the wife know?   I need you all to raise your right hand and swear not to tell.    So I can stimulate the economy, of course.

For the month.

And, I promise not to tell.  Unless I'm bribed.

[Right_in_Virginia]

BTTT

[WingNot]

It's nice, better than nothing, but not the panacea some here advocate, IMHO.

You are a glass half empty kinda guy.

[thackney]

  better than nothing, but not the panacea some here advocate, IMHO.

Just saw mine.  A lot better than nothing, definitely significant.

[InHeavenThereIsNoBeer]

Actually, what is being seen is reduced withholding.  It could very well turn out that people who are seeing bigger paychecks will end up having to cut the gov't a nice fat check next year (or get a big fat rebate).