Transcription of 2017 Tax Brackets FACT
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2017 Tax Brackets FACT
FISCAL FACTThe Tax Foundation is the nation s leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non-profit organization. 2016 Tax FoundationDistributed underCreative Commons CC-BY-NC , Rachel ShusterDesigner, Dan CarvajalTax Foundation1325 G Street, NW, Suite 950 Washington, DC Tax BracketsBy Kyle PomerleauEconomistNo. 534 Nov. 2016 IntroductionEvery year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called bracket creep. This is the phenomenon by which people are pushed into higher income tax Brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real IRS uses the Consumer Price Index (CPI) to calculate the past year s inflation and adjusts income thresholds, deduction amounts, and credit values Income Tax Brackets and RatesIn 2017 , the income limits for all Brackets and all filers will be adjusted for inflation and will be as follows (Table 1).
PEP and Pease are two provisions in the tax code that increase taxable income for high-income earners. PEP is the phaseout of the personal exemption and Pease (named after former Senator Donald Pease) phases out the value of most itemized deductions once a taxpayer’s adjusted gross income reaches a certain amount.
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