{"id":56865,"date":"2022-10-19T12:09:42","date_gmt":"2022-10-19T16:09:42","guid":{"rendered":"https:\/\/sidebarforplaintiffs.naomifein.net\/?p=56865"},"modified":"2022-10-19T12:09:42","modified_gmt":"2022-10-19T16:09:42","slug":"did-you-know-the-irs-will-lower-our-taxes-all-by-itself-to-adjust-for-inflation","status":"publish","type":"post","link":"https:\/\/sidebarforplaintiffs.naomifein.net\/?p=56865","title":{"rendered":"Did you know the IRS will lower our taxes all by itself to adjust for inflation?"},"content":{"rendered":"

Oh, yeah? Well, I didn’t. And this is a big WOW, in the category of “What good government can do for us ordinary people when we vote for good governers.”<\/a><\/p>\n

So much for know-it-all me about Medicare and COLA<\/a>. Seems I didn’t know it all. As the New York Times article by Jim Tankersley points out:<\/p>\n

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Inflation Adjustments Mean Lower Tax Rates for Some in 2023<\/em><\/h1>\n<\/div>\n

Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills.<\/em><\/p>\n

WASHINGTON \u2014 The rapidly rising cost of food, energy and other daily staples could allow many Americans to reduce their tax bills next year, the I.R.S. confirmed on Tuesday<\/a>.<\/em><\/p>\n

Tax rates are adjusted for inflation, which in typical times means incremental movements in the thresholds for what income is taxed at what rate. But after a year that brought America\u2019s fastest price growth in four decades, the shift in rates is far more notable: an increase of about 7 percent.<\/em><\/p>\n

Other parts of the tax code will also be affected by the inflation adjustment. Those include the standard deduction Americans can claim on their tax returns.<\/em><\/p>\n

This is very excellent. And then I came to the next paragraph, which tells us how the GOP managed to add some sour sauce to this excellent thing:<\/p>\n

The shift would be slightly larger if not for a change Republicans made as part of President Donald J. Trump\u2019s tax overhaul that was passed in 2017. It tied rates to a measure of inflation, called the chained Consumer Price Index, that typically rises more slowly than the standard Consumer Price Index. In September, chained C.P.I. was up about a quarter of a percentage point less, compared with the previous year, than standard C.P.I.<\/em><\/p>\n

All in all, though, this is a good thing. Vote the GOP out of office and you’ll feel much better.<\/p>\n

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Oh, yeah? Well, I didn’t. And this is a big WOW, in the category of “What good government can do for us ordinary people when we vote for good governers.” So much for know-it-all me about Medicare and COLA. Seems … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8220,8679,337,1095,1175,2902],"tags":[9290,9289,1277,9293,3294,5398,9292,1123,9291,1172],"class_list":["post-56865","post","type-post","status-publish","format-standard","hentry","category-good-things-happening","category-government","category-legal-news","category-politics","category-the-facts-of-life","category-trump-stuff","tag-chained-consumer-price-index","tag-consumer-price-index","tag-gop","tag-inflation-adjustments","tag-irs","tag-jim-tankersley","tag-lower-tax-rates-2023","tag-new-york-times","tag-tax-rates-and-inflation","tag-trump"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t