Business

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

by Rebecca Savransky - 03/28/18 7:50 AM ET

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.

This story was updated at 4:14 p.m.

Tags Donald Trump Steven Mnuchin