Why I Pay Too Much in Taxes
Clay Olbon II
Clay.Olbon at dynetics.com
Tue May 7 13:23:32 PDT 1996
At 5:34 PM 5/6/96, Timothy C. May wrote:
>Also, the effect of inflation has been to inflate salaries and thus inflate
>people into higher tax brackets, even when their "real wages" have not gone
>up.
This used to be true. A bill passed during the Reagan administration
indexed the brackets to inflation to remedy this situation. I don't know
how succesful the bill was in eliminating "bracket creep", but that was the
stated purpose.
>If we ever get really bad inflation again (>10% per year, as we had in the
>late 70s, early 90s), or, God forbid, hyper-inflation, the tax system will
>likely not survive in anything near its current form.
Hopefully the system won't survive no matter what the inflation rate is.
Clay
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