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1 Amir El-Sibaie, 2018 Tax Brackets Updated 1 (2018)

handle is hein.taxfoundation/txbrckup0001 and id is 1 raw text is: M2018 Tax Brackets (Updated) FISCAL FACT Amir EI-Sibaie No. 567 Analyst Jan. 2018 With the passage of the Tax Cuts and Jobs Act (TCJA), many tax brackets, thresholds, and rates will change in 2018. Noticeable changes to the structure of the individual tax code include the elimination of personal exemptions, the elimination of the Pease limitation on itemized deductions, and the expansion of the Child Tax Credit. Additionally, on a yearly basis the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called bracket creep, when 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. The IRS used to use the Consumer Price Index (CPI) to calculate the past year's inflation. However, with the TCJA, the IRS will now use the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly.' The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non profit organization. ©2018 Tax Foundation Distributed under Creative Commons CC BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org 1 https://www.irs.gov/pub/irs-drop/rp-17-58.pdf

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