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IRS Announces 2007 Inflation Adjustments

Paul Caron

Irs_logo_317The IRS today announced (IR-2006-173) inflation adjustments to take effect for 2007, including:

  • The personal and dependency exemption will increase to $3,400 (up $100 from 2006)
  • The standard deduction will increase to $10,700 for married couples filing a joint return (up $400) and $5,350 for singles (up $200)
  • Tax-bracket thresholds will increase for each filing status

For a complete list of the 2007 inflation adjustments, see Rev. Proc. 2006-53,

About the Author

Paul Caron Avatar
Paul Caron
Paul Caron was named Duane and Kelly Roberts Dean of Pepperdine University School of Law on June 1, 2017. Dean Caron joined the Pepperdine faculty in 2013 after serving as the Dorothy and Leonard Straus Distinguished Visiting Professor of Law in the spring semesters of 2010 through 2013. He served as Associate Dean for Research and Faculty Development at Pepperdine in 2015-2017. Before coming to Pepperdine, he was Associate Dean of Faculty and Charles Hartsock Professor of Law at the University of Cincinnati College of Law.
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