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.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
Right.
So it really is going to depend on any individual situation what the increase will be.
But what will happen is the IRS will update the withholding tables and then so will your employer.
And so when you flip over from December to January, less money will come out for income taxes from your paycheck.
that's designed in real terms to help cover the costs of higher prices and maybe you also have higher wages.
But if your wages, you know, if you happen not to get a wage increase between December and January, that's when you'd see at least some sort of change in your take home pay because of these inflation adjustments.
And then that all gets sort of finally reconciled on the tax return that you'll file in early 2023.
There are some examples that we can think about.
One of the ones that's been around for the longest is there is a $3,000 limit on how much in capital losses, like if you sell stock for a loss, how much of that you can deduct from ordinary income.
That $3,000 has been in the law that way for more than 40 years.
The maximum that you can have is tax-free income when you sell your home.
Also, $250,000 for an individual, $500,000 for a married couple.
That's been in the law for more than 20 years.
So you have some of these fixed numbers and they sort of creep up over time.
And sometimes Congress bumps them up and sometimes Congress just leaves them there.
Well, sometimes it's intentional.
Sometimes they're trying to have a provision pinch more over time, but in a sort of sneaky way.
And then sometimes that also helps them...
meet revenue targets.
So they might, you know, it might, a particular provision might raise more money by not tying it to inflation.
Showing 381–400 of 1,496 · page 20 of 75
← Previous
Next →