72 • RUBY, WILDING & SWANSBURG It won’t surpris e you to lear n that your f ellow savers often give the same answer: Up. I hope the previous chapters have made you think about why your taxes might rise in the future (hello, trillions of dolla rs in new deficit sp ending). Now , let’ s think about how your taxes might rise. Here a re t hree potential wa ys: #1 | Changes to your tax bracket. As I previous ly discussed , for many savers it ’s unlikel y your future tax brackets will be lower because of less income. If you want to maintain your lifestyle, chances are you’ll maintain your income, which means you’ll maintain your tax bracke t. But, the amount of income you report is not the onl y wa y your tax bracke t c an change . The other way? Your income sta ys stea dy, bu t th e br ackets c hange ar ound y o u. This ha ppened in 2017, w hen Congress pa ssed (a nd t he President signed into law) the Tax Cuts and Jobs Act. 28 This legislation lowered tax bracket rates for millions of Americans, myself included.
28 Erica York a nd Alex Muresianu. Tax Foundation. April 7, 2018. “The Tax Cuts and Job s Act Simplified the T ax Filin g Proce ss fo r Million s of Households.” hptrtopcse:s/s/-tfaoxrf-omuinlldioantiso-no.fo-argm/ethriec-atnaxs/-cuts-and-jobs-act-simplified-the-tax-filing-
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