Professor Richard Kaplan recently spoke to USA Today about how inflation is impacting the tax burden for Americans.
"If people's incomes go up, the correct response is to hold everyone harmless," Kaplan said. By not indexing to inflation, taxpayers end up owing more money than last year if their incomes increased and the deductions or exemption figures haven't been updated to reflect higher inflation.
Referring to states that don't index to inflation, he said, "All they have to do is basically conform to what the feds are doing. They don't have to invent any wheel."
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