After four years of towering inflation, some Republican lawmakers are seeking to index major tax breaks to inflation as they begin crafting major fiscal policy legislation.

Prices have risen 21% over the past four years or so, and nearly 28% since 2017, when Republicans passed the Tax Cuts and Jobs Act, which lawmakers are now trying to extend and expand upon through reconciliation, a legislative process that allows for bills to bypass the filibuster and pass with only a simple majority in the Senate.

Recommended Stories

Decision time for child tax credit: GOP seeks to boost benefit

House in the driver’s seat on tax cuts, a reversal from years past

House Republicans pass $4 trillion tax cut out of committee as members debate SALT cap