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February 2013 » Factoring Inflation into the Capital...
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Andrew D. Sharp, PhD, CPA, and Jessica M. Stieven, AAMS
The federal tax code reflects the concept of equity, rooted in fairness for individuals. Equity considerations appear in certain tax provisions aimed at mitigating the eroding impact of inflation; these provisions help provide relief to taxpayers coping with certain negative effects of inflation, such as decreased purchasing power. Congress recognized this issue and addressed it by indexing selected tax components, such as the annual gift tax exclusion, for inflation. The annual change in the consumer price index (CPI) drives this procedure.
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