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

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M2018 Tax Brackets (Updated)

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

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 taxfoundation.org            1  https://www.irs.gov/pub/irs-drop/rp-17-58.pdf

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