Ah, SNL 1970s skit “Inflation is Your Friend”.
This is how the Alternative Minimum Tax became such a problem. No one is talking about the AMT which may strike singles making $50K.
You think they would index these tax rate levels, to I don’t know; the price of bacon, gasoline, college tuition, movie tickets etc.
Take bacon for example: the package of pre-cooked I buy at Costco in 2007 for $8 is now $13. That’s 62% higher. My income has not gone up 62%. Few peoples’ have. We’re supposed to accept that because the Bush tax cut is in place, we have it good.
The legislators have no intention of indexing. Failure to index is deliberate.