New tax reform legislation was expected to boost paychecks as early as February, but many Americans haven't noticed a change, according to a survey from Bankrate.
Forty-two percent of survey respondents said they haven't seen any difference in their paychecks, and 12 percent said they couldn't say one way or another. Bankrate commissioned YouGov to survey 2,195 adults who are employed full or part-time.
Bankrate found that 41 percent said they were aware of a change in their pay, and 24 percent credited an increase to the federal tax law. The new law cuts personal taxes by lowering income tax rates, offering a more expansive child tax credit, and increasing the standard deduction, per Bankrate.
New tax withholding guidance was issued in January, Fortune reported, which changed the amount of taxes taken out of each paycheck.
Read more at the Denver Business Journal: http://bit.ly/2Fq00Gv