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1 Gerald Prante, Inflation Adjustments for Tax Brackets Will Be Significantly Smaller in 2008 than in 2007 1 (2007)

handle is hein.taxfoundation/ffbafxz0001 and id is 1 raw text is: FO01Us'tNDAT 10O&N Inflation Adjustments for Tax Brackets Will Be Significantly Smaller in 2008 than in 2007 Fiscal Fact No. 105 by Gerald Prante October 10, 2007 While the Internal Revenue Service does not officially release its inflation adjustments for Tax Year 2008 until December, they will base the adjustments on the average of the Consumer Price Index from September 2006 to August 2007. The final August 2007 number was recently released by the Bureau of Labor Statistics. The relevant inflation rate for Tax Year 2008 based on the average CPI values over the past 12 months is 2.29 percent, which is significantly smaller than the change that occurred last year, which was nearly 4 percent. Table 1 looks at the changes in various recent tax years. Table 1: Inflation Tax Adjustments Have Varied Widely over Past Ten Years Old Tax Year - New Tax .Change in Near .Average CPI Tax Year 1998 - 99: 1.69% Tax Year 1999 - 00: 1.82% Tax Year 2000 - 01: 3.11% Tax Year 2001 - 02: 3.29% i:F'a 5;'ar202 -i)'i ......................................................................159 Tax Year 2002 -03: 1.59%o Tax Year 2003 - 04: 2.28% i T 'a x 'e a r 6 { ) 4 - 0 5 i . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..2. 0 Tax Year 2004 -05: 2.30%o Tax Year 2005 -06: 3.11 % ..~.................................................................... Tax Year 2006 - 07: 3.90% Tax Year 2007 - 08: 2.29% Bureau of Labor Statistics; Tax Foundation calculations

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