Inflation has already prompted an 8.7% increase in next year's Social Security payments.
America’s high inflation rate will produce a 7% increase in the size of the standard deduction when workers file their taxes on their 2023 income, according to new inflation adjustments from the Internal Revenue Service.
Many tax code provisions — but not all — are indexed for inflation, so the announcements are a recurring event. But when inflation is persistently clinging to four-decade highs, these annual adjustments carry extra significance. “The changes seem to be much larger than previous years because inflation is running much higher than it has in previous decades,” said Alex Durante, economist at the Tax Foundation, a right-leaning tax think tank.
“The payout on the earned income tax credit — geared at low- and moderate-income working families who have been hit hard by red-hot inflation — is also increasing. ”
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
GOP Plan on Threatening Recession if They Can’t Cut Medicare, Social SecurityIf Republicans take control of the House this fall, they appear to be willing to hold the U.S. economy on the brink of disaster in order to force through cuts to Medicare and Social Security.
Baca lebih lajut »
Record-high Social Security increase could mean steeper taxes for some retireesRetired Americans are set to receive one of the biggest Social Security increases ever, but the bigger paychecks could push them into a higher tax bracket.
Baca lebih lajut »
Republicans Could Use Debt Limit To Force Social Security CutsThere will be major debt limit drama next year if Republicans prevail in the midterm elections.
Baca lebih lajut »
Scalise acknowledges GOP plan to change Social Security, MedicareIf successful in the midterms, Republicans are prepared to crash the economy and trash the full faith and credit of the United States. (via MaddowBlog)
Baca lebih lajut »
Extra security on hand at Dauphin County school over social media threatLocal law enforcement is investigating the threat.
Baca lebih lajut »