Federal Income Tax Brackets
The tax brackets and various related benefits remained unchanged in this year or they changed very slightly
. Since slow economy and low inflation continued in 2010, there are only nominal changes from the last year tax brackets.
The CPI or Consumer Price Index which is a key attribute in determining the income tax bracket has been reviewed by many experts and economists and a conclusion was reached that it hardly varied from that of last year's.
The personal exemption which is $3650 will not change this year, along with the standard deductions for most of the taxpayers. This is perhaps the first time that no increase has taken place in these parameters. Majority of the taxpayers prefer standard deductions over itemized deductions like charitable contributions, local and state taxes and charitable contributions.
Because of the lower levels of inflation in the year passed by, majority of the workers won't receive as much an increase in the take home pay as they did in last year given the adjustments in inflation. Various tax brackets will one see minor adjustments, whereas the annual gift tax exclusion this year is same as that of the last year.
These brackets lower the tax bills when there is inflation by including more of an individual's income in a lower bracket. Those people who earn a good amount of money are still in a benefit in this year because of "stealth taxes".
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