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‘Chained’ Consumer Price Index shaves tax breaks. Will it be shaving retired pay next?

‘Chained’ Consumer Price Index shaves tax breaks. Will it be shaving retired pay next? | Veterans Affairs and Veterans News from HadIt.com | Scoop.it

The new Republican-passed tax bill deploys a new method of tracking inflation called the “chained” Consumer Price Index, a tool that will dampen future adjustments to federal tax brackets and standard deductions, reducing over time the value of touted tax breaks for individuals and companies.

This first-ever use of Chained CPI is viewed by guardians of Social Security, federal retirement plans, veterans’ compensation and survivor benefits as a worrisome development. If the same method for measuring inflation is adopted widely, they contend, it would cut the lifetime value of most federal benefit plans.

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Veterans Affairs and Veterans News from HadIt.com

Curated by Theresa "Tbird" Aldrich