04货币与通货膨胀解剖.pptVIP

* In the 1970s, the income tax was not adjusted for inflation. There were a lot of people who received nominal salary increases large enough to push them into a higher tax bracket, but not large enough to prevent their real salaries from falling in the face of high inflation. This led to political pressure to index the income tax brackets. If inflation had been higher during 1995-2000, when lots of people were earning high capital gains, then there might have been more political pressure to index the capital gains tax. * Examples: Parents trying to decide how much to save for the future