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An important, and often overlooked, part of the Republican tax plan is the change to the tax code’s inflation adjustment. I realize that “inflation adjustment” may not be one of the more exciting phrases you will find in your inbox this morning, but stick with me for a moment.

The federal government calculates a handful of different inflation measures, the best known being the Consumer Price Index. The other measures tend to show a slower rate of economywide inflation than the Consumer Price Index does. With a slower inflation rate, real incomes — that is, incomes after adjusting for inflation — rise more quickly.

(An example: If you got a 4 percent raise last year and inflation was estimated to be 2 percent, your real income rose about 2 percent. If inflation was only 1 percent, your real income rose about 3 percent.)