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New Graduated Withholding Begins May 1 1966
The May 1 start of the first graduated withholding system changes how taxes are taken from paychecks. Flat 14 percent withheld will be replaced by six rates from 14 to 30 percent, with single and married statuses, exemptions, and standard deductions shaping each deduction. For many, refunds shrink or vanish. for others, smaller withholdings reduce annual tax bills.
MENTIONED IN THIS ARTICLE
Joseph R. Coyne
Washington
U.S
Uncle Sam
Sheldon S. Cohen
Internal Revenue Service
IRS