Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
And they said there's no plans to right now.
They obviously can't.
We can't guarantee that here in January what things will look like in April.
I think if you had asked us in January of 2020 if they were going to have a regular filing season, we would all be like, of course we would.
So everything is unknown.
But I think at the moment, Treasury officials were very clear that there is no plan to extend the filing date.
If you are in a place that's had natural disasters, the IRS does do extensions in those circumstances.
So it's worth keeping an eye on those.
All right.
That's Wall Street Journal tax reporter Richard Rubin.
These adjustments are designed so that as inflation happens, the tax system doesn't bite you more or less generally than it would have in the prior year.
So a lot of the main features of the tax code that we think about all the time, the standard deduction, the tax brackets, those are tied to inflation.
So every year the IRS looks at what consumer prices are, follows a formula set out in the law and raises those thresholds so that as your income rises, you don't get bumped into a higher bracket too soon and you can use the standard deduction to shield inflation.
more of your income.
So for most wage earners in most years, those basic features of the tax system are tied to inflation.
So in this year, going into 2022, all those parameters will slide upward.
What Congress is trying to do is to not have stealth tax increases, to sort of slide the tax code upward along with prices and wages.
And so
These adjustments are designed so that as inflation happens, the tax system doesn't bite you more or less generally than it would have in the prior year.
So it's it's designed to keep sort of keep the real status quo, even though the numbers might change.
Showing 361–380 of 1,496 · page 19 of 75
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