Measurement Tool Used In New Tax Bill Will Impact Deductions And Brackets

The government tracks prices on consumer goods - eggs, shoes, gasoline, etc. But when prices rise, people often make substitutions, like buying chicken if beef gets expensive. So economists have come up with the notion of "chained inflation" to take substitutions into account. That's the measurement the new tax bill uses, and it makes the consumer price index smaller, with an impact on deductions and brackets....(read more)

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