Tax Cuts for the Rich? 2025 Tax Brackets Spark Debate
Description
The Internal Revenue Service (IRS) has announced adjustments to the standard deduction and tax brackets for the 2025 tax year. These changes are designed to counter "bracket creep" – the phenomenon where inflation pushes individuals into higher tax brackets despite their real income remaining the same. The standard deduction amounts are being raised for all filing statuses, while the income thresholds for each of the seven federal tax brackets have been increased to reflect a modest increase in inflation. The IRS's adjustments for 2025 are intended to provide tax relief to most taxpayers while acknowledging the cooling inflation rates observed recently.
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