Inflation And Tax Bracket

Most tax laws are not accurately indexed to inflation. Either they ignore inflation completely, or they are indexed to the consumer price index, which tends to understate real inflation. In a progressive tax system, not indexing the tax brackets to inflation has the effect that there is a tax increase every year, even if Congress passes no tax law. That is because an individual's income will naturally go up at the inflation rate, and the progressive taxation system causes him to pay a greater percentage of his income in taxes.

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Inflation And Tax Bracket News

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Section 80C investments can be a smart way not only to save taxes but help you generate good returns in todays uncertain times.
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July 1 Bloomberg Prime Minister Gordon Brown faced a revolt in Parliament by members of his own Labour Party against measures that leave 1.1 million workers worse off by abolishing the lowest income tax band.
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• Sanford Raps Legislature For Failing To Fund Core Services The Greenville News
Gov. Mark Sanford gave the Legislature some small measure of credit Wednesday for not making a budget deficit worse, then blasted what he said was freewheeling spending by lawmakers who failed to provide for core state services, including keeping the school bus fleet running.
• How Much You Need In An Emergency Fund TheStreet.com
A BankingMyWay calculator can help you figure out how much to stash away for a rainy day.

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