Inflation Adjustment Reduces Effect of Trump Tax Cut
The benefits will be smaller than anticipated
Last year’s big tax cut is about to start shrinking.
On Thursday, Nov. 15, 2018, the Internal Revenue Service (IRS) announced the tax code’s parameters for 2019, implementing a new method for making inflation adjustments that will result in higher tax payments—and government revenue—over time.
The shift will cost Americans $133.5 billion over a decade, according to Congress’s Joint Committee on Taxation.
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