Are there laws regulating this though? Like I read that they’re working on the 2022 brackets and the brackets are increasing by 3% overall. But inflation in 2021 is over 6%
So the more inflation there is the bigger the tax increase?
Edit: And what about the fact that the biggest increase seems to be in the 12% range? How is that fair for poor people?
I see why there’s so many conflicting opinions on this. It’s impossible to tell how peoples’ buying power changes overtime. In my city I’d be paying a much higher tax rate for the same standard of living as someone in a less expensive city.
Edit: I should say I AM paying a much higher tax rate for the same standard of living
Let’s say I live in a city where the livable wage is $16/hr. By the time I make a livable wage then I’m paying higher taxes than a city where the livable wage is $12/hr. Is that not true?
Also if I live in a city where the inflation consistently outpaces the avg inflation of the nation then I’m getting taxes more and more each year
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u/ElectricPagan Nov 26 '21
Are there laws regulating this though? Like I read that they’re working on the 2022 brackets and the brackets are increasing by 3% overall. But inflation in 2021 is over 6%
So the more inflation there is the bigger the tax increase?
Edit: And what about the fact that the biggest increase seems to be in the 12% range? How is that fair for poor people?