The tax changes late last year appear to have passed many Americans by, at least when it comes to their pay check
The tax changes late last year appear to have passed many Americans by, at least when it comes to their pay check.
Just 41% have noticed any difference in their wages and only 24% have attributed the change to the Federal tax reforms according to a report from Bankrate.com.
Of those that have noticed, only 28% said they were “extremely satisfied” by the changes in their pay, most (58%) were around an 8 or 9 on a rising scale of 1-10, and 10% were on a ‘1’ (not satisfied at all.)
“Whether you’re a fan of the new federal tax law or not, one upside is that millions of Americans saw the benefit of more money in their pay check in recent weeks," said Bankrate.com analyst Taylor Tepper. “This is an opportunity to use that extra cash wisely; build up your emergency savings fund, pay down debt or invest the difference.”
Older workers (54-72 years) were most likely to attribute their extra pay as resulting from the tax reforms, while younger workers were more likely to notice changes to their pay from a promotion or pay raise, working differing hours, a bonus, or a demotion/pay cut.
