IRS To Boost Tax Brackets , Due to Quicker Pace, of Inflation.
The Internal Revenue Service (IRS)
says thresholds on income tax
brackets will rise in 2022.
The Internal Revenue Service (IRS)
says thresholds on income tax
brackets will rise in 2022.
CBS News reports the IRS has made
these adjustments due to rising consumer prices in an inflated economy.
CBS News reports the IRS has made
these adjustments due to rising consumer prices in an inflated economy.
Though adjustments are made
to tax brackets each year, these
increases are higher than normal.
The updated thresholds reflect
increases of around 3%. .
According to CBS News,
married couples must now earn
nearly $20,000 more to enter
the highest tax bracket.
According to CBS News,
married couples must now earn
nearly $20,000 more to enter
the highest tax bracket.
Basic income tax
rates will not change.
Set by the Tax Cuts and Jobs Act,
the lowest income tax bracket
is 10%. The highest is 37%. .
Experts say the adjustment
does little to account for accelerating inflation. .
Experts say the adjustment
does little to account for accelerating inflation. .
Americans are now paying
considerably more for everyday
items they need to survive.
Americans are now paying
considerably more for everyday
items they need to survive.
On Nov. 10, the Bureau of Labor Statistics said consumer prices have risen 6.2% from a year ago.
On Nov. 10, the Bureau of Labor Statistics said consumer prices have risen 6.2% from a year ago