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10 May, 12:45

Which of the following is adjusted every year for inflation

A. Tax rates

B. Tax brackets

C. Sales Taxes

D. Taxes preparers

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Answers (1)
  1. 10 May, 16:12
    0
    Tax brackets are adjusted yearly by the Internal Revenue Service, also known as the IRS. They are adjusted yearly because the economy in the United States has inflation each year. The IRS will then adjust the tax brackets upwards for the citizens. The IRS will adjust things like the standard deduction, personal exemptions, etc for the cost of living. The taxes sometimes will stay the same, but the person or corporation will go into a different tax bracket. The correct answer will be B: Tax Brackets.
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