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Wednesday April 24, 2024Washington NewsInflation Protection for Tax Benefits
With inflation running at the highest levels in several decades, Members of Congress are concerned about adjusting taxpayer credits and deductions to account for the soaring inflation. Senator Chuck Grassley (R–IA) has been a leader in proposing inflation adjustments that will help Americans.
He published a press release on July 21, 2022 and said that he seeks "to help Americans struggling to afford everyday expenses keep more of their hard–earned money." Grassley notes an Iowa State University study shows most individuals are paying $669 more per month for living expenses. This increase occurred during the past two years. Grassley proposes to index several tax benefits for inflation. He stated, "The relentless 40–year high inflation we are seeing today has made it increasingly difficult for Americans to afford their trips to the gas station and grocery store. Indexing useful tax credits to inflation—like the Child Tax Credit and the Lifetime Learning Credit—will help parents and students keep up with rising costs. I will continue to work on commonsense policies that will help Americans weather this soaring inflation." The proposed bill would provide indexing for the Child Tax Credit, the American Opportunity Tax Credit, the Lifetime Learning Credit, the Student Loan Interest Deduction and the charitable mileage eduction.
Published July 22, 2022
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