So right now, if you're single, the first $14,600, you functionally have almost no tax. But if you're single, when the provisions expire, that number gets functionally cut in half, becomes $8,300. If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600. So no inflation adjustments. Your taxes are going up next year. Understand, this is the law. So understand, what we're starting to discuss here is what does Congress look like next year? (07:28–07:40)
CLAIM
Asserts that the standard deduction for married filers will decrease to $16,600 when provisions expire.
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