“In 2019, the standard deduction for a married couple will be $24,400. The deduction would have been $24,550 under the old inflation-adjustment method”
I am not sure why Trump’s IRS is doing this. It is only $150 next year but will add up over time.
What is more troubling to me is the whole thing is temporary and will expire in a few years. Thank Congress for that.
The democrats insisted that it be temporary, so that they could complain about it and blame it on republicans. At least that’s what some republicans claim.
Since 2000, the traditional CPI has increased by 45.7 percent, while the chained CPI has risen only 39.7 percent, a difference of 6 percentage points, according to the Tax Policy Center.