The IRS adjusted the threshold levels for the federal income tax brackets and the standard deduction to account for inflation, which is hovering near a 40-year high.
'Trumponomics' author Steve Moore discusses the president's economic policies, telling 'Cavuto: Coast to Coast' job number one for Republicans after midterms is reducing government spending.
The higher thresholds where tax rates take effect could mean savings for millions of Americans across all income brackets.
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