Technical and Policy Standards for Inflation Adjustments Under the Internal Revenue Code
Toward the end of every calendar year, tax professionals scan their update materials for information about inflation adjustments that will affect the financial situation of every taxpayer during the next year. In an almost ritualistic fashion, various tax services will first extrapolate key inflation adjustments from economic data for the current year, and then the services will publish confirmation of inflation adjustments that are disclosed by official sources. American taxpayers are unable to project their potential tax liabilities for the coming year until these adjustments come to light, regardless of whether the federal tax laws for the coming year remain relatively stable (which is rarely the case) or change substantially as a result of the newest tax legislation.
Richard Kovach, Technical and Policy Standards for Inflation Adjustments Under the Internal Revenue Code, 33 Oklahoma City University Law Review 603 (2008).