US should pass an amendment that you owe taxes MINUS inflation.

[DarthTrader]

Since inflation is a tax on the American people, nothing would fix inflation faster than Constitutionally allowing all Americans to deduct inflation from their taxes.

The reasons for: Government won't just spend money thinking they can inflate their way out of it at the expense of people who didn't want to spend the money in the first place.
The reasons against: inflation is a tax and may be a useful tool with negative knock on effects if we allow the people to vote with their wallets against inflation.

 

[Toddsterpatriot]

Federal tax brackets have been indexed for inflation since 1985.

 

[DarthTrader]

Federal tax brackets have been indexed for inflation since 1985.

You mean this? They're only shorting you about half of what they count as inflation:

Client Alert: IRS Tax Inflation Adjustments for Tax Year 2022 - Manning Fulton

With the start of 2022 also brings yearly adjustments from the Internal Revenue Service (IRS) to more than 60 tax provisions that adjust annually for

www.manningfulton.com

Example: Current C-CPI says inflation is only ~6.6% when the CPI is 8.3%. Rather we should get to declare THE inflation rate that the US presents to the people and it SHALL NOT HAVE A CAP.

Chained Consumer Price Index for All Urban Consumers: All Items in U.S. City Average

Graph and download economic data for Chained Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (SUUR0000SA0) from Dec 1999 to Feb 2024 about chained, all items, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

fred.stlouisfed.org

 

[whitehall]

Legislation maybe but please, please no amendments to the Constitution.

 

[Toddsterpatriot]

You mean this? They're only shorting you about half of what they count as inflation:

Client Alert: IRS Tax Inflation Adjustments for Tax Year 2022 - Manning Fulton

With the start of 2022 also brings yearly adjustments from the Internal Revenue Service (IRS) to more than 60 tax provisions that adjust annually for

www.manningfulton.com

Example: Current C-CPI says inflation is only ~6.6% when the CPI is 8.3%. Rather we should get to declare THE inflation rate that the US presents to the people and it SHALL NOT HAVE A CAP.

Chained Consumer Price Index for All Urban Consumers: All Items in U.S. City Average

Graph and download economic data for Chained Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (SUUR0000SA0) from Dec 1999 to Feb 2024 about chained, all items, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

fred.stlouisfed.org

They're only shorting you about half of what they count as inflation:

Typical Darth bad math. LOL!

Rather we should get to declare THE inflation rate that the US presents to the people

Yeah, sure.

and it SHALL NOT HAVE A CAP.

Who said it had a cap?

Aren't you glad I educated you again? I ought to start charging you.

 

[Resnic]

Since inflation is a tax on the American people, nothing would fix inflation faster than Constitutionally allowing all Americans to deduct inflation from their taxes.

The reasons for: Government won't just spend money thinking they can inflate their way out of it at the expense of people who didn't want to spend the money in the first place.
The reasons against: inflation is a tax and may be a useful tool with negative knock on effects if we allow the people to vote with their wallets against inflation.

Inflation isn't a tax on Americans so to speak since our idea of inflation is that things cost more. But the reality is the us dollar is worth less. 10 years ago a dollar was worth 100 pennies, now it's worth about 60 pennies. Items don't cost more to make, they just take more dollars to pay for because the current administration has printed so much money that's backed by nothing it's worth less.

And they won't even give a break on taxes. I'm pretty sure if Biden could our taxes would consist of two lines.

Line 1 how much money did you make last year?

Line 2 send it in to us.