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By factoring inflation into the tax rates and certain other amounts, the law protects taxpayers from losing the value of various benefits. Each fall, the IRS issues two documents detailing the results of these adjustments for the coming year:
Related Items:
Revenue Procedure 2006-53 — tax rates, standard deductions, exemptions and more than 30 other items for 2007
Page Last Reviewed or Updated: January 17, 2008