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We’ve been bracket creeped

July 3, 2014
By TOM YAMACHIKA , Interim President, Tax Foundation of Hawaii

Every year, the Internal Revenue Agency adjusts more than 40 tax provisions for inflation. This is done to prevent what is called bracket creep. This is the phenomenon by which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation instead of any increase in real income.

 
 
 

 

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