The Tax Foundation recently examined the IRS's updated tax brackets for 2017. The IRS adjusts more than 40 tax provisions every year, the Tax Foundation reports.

"This is done to prevent what is called 'bracket creep,'" Kyle Pomerleau wrote for the Tax Foundation." This is the phenomenon under which people are pushed into higher income tax brackets or have reduced value from credits or deductions due to inflation, instead of any increase in real income.

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