What Inflation Will Do to Your 2022 Taxes

[mahatmakanejeeves]

Here are the tax numbers you need to start planning for 2022 taxes, set retirement savings for the year, and more

Link to tweet

What Inflation Will Do to Your 2022 Taxes
The IRS tax tables are getting a bigger-than-usual adjustment this year, thanks to the rising cost of living.

[progree]

1. Dunno, I don't have WSJ subscription, and the tweet didn't have useful info

but anyway, a lot of things in the tax code DON'T adjust for inflation, what comes to mind is taxes on Social Security income and the thresholds for taxing 50% of benefits and for taxing 85% of benefits. Meaning ever since that crap started under Reagan, more and more seniors have been paying taxes on more of their SS benefits. Back then you kind of had to be pretty well-to-do to hit those limits, now its just about all seniors, and the proportion that is taxed keeps growing.

Now with elevate inflation, those kind of unadjusted for bracket creeps creep in at a faster pace.

I read an article about it in Bob Carlson's Retirement Watch newsletter a couple years ago, Maybe I can find it, but is looking dubious until late this afternoon at the earliest. Being that in about 10 minutes begins Jobs Jobs Jobs day.