The Wall Street Journal reports that,
Based on inflation data released Tuesday by the Labor Department, the personal exemption amount, standard deduction, federal income-tax brackets and many other tax-related numbers will increase in 2009, thanks to annual adjustments required by law. Once again, high-income taxpayers generally will benefit the most
The amount of the tax savings will depend on a variety of factors.
How much of a saving will taxpayers enjoy because of the inflation adjustments? The answer can vary widely, depending upon the details of each person’s tax situation. A married couple filing jointly with total taxable income of $100,000 will pay $312.50 less in federal income taxes for 2009 than they will on the same income for 2008 . . . Official numbers from the Internal Revenue Service typically aren’t released until late each year. If the government subsequently revises the inflation data, some projections could change. For more details on the inflation adjustments, visit CCH’s Web site (www.cch.com).
For the full article go to Why Inflation Means Relief for Taxpayers.
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