Posted on 10/19/22
| News Source: FOX45
The IRS announced Tuesday that it is shifting the tax brackets for the standard deduction in 2023 to account for inflation.
The IRS adjusts for inflation every year. This change comes as people across the country are worried about increasing prices and the possibility of a recession.
According to the IRS, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).
The other new brackets are:
The lowest rate of 10% applies to incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).