GOP sneaks in automatic annual tax increase by introducing chained CPI

“Republican tax-writers have decided to shift the tax code’s inflation index from the Consumer Price Index, or CPI, to something known as chained CPI, which is a slower-growing method of calculating cost-of-living increases.  Using the lower rate of inflation to calculate future tax rates means taxpayers will more quickly fall into higher tax brackets, meaning they will pay more in taxes than if Republicans stuck with the traditional measuring stick.  It works out to taxpayers paying $128 billion more to Uncle Sam than they would otherwise over the next decade, and $500 billion more in the subsequent decade.”

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