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The U.S. Treasury Building The Internal Revenue Service revealed that it would adjust federal income tax brackets and deductions in light of rising price levels in the United States.
On Wednesday, the Department of Labor announced that year-over-year inflation for consumer prices reached 6.2% in October — the highest increase in thirty years. Prices for fuel, used vehicles, and food saw significant increases.
Also on Wednesday, the IRS raised income tax rate thresholds for tax year 2022 to prevent “ bracket creep ” — defined by the Tax Foundation as inflation pushing taxpayers into higher income tax brackets or reducing the value of credits, deductions, and exemptions, resulting in higher taxes without higher income.
Fox Business reports that most of the tax rates rose by 3% — the largest increase in four years.
For individual filers, the brackets are as follows: 10% — Income up to $10,275
12% — Income between $10,275 and $41,775
22% — Income between $41,775 to $89,075
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24% — Income between $89,075 to $170,050
32% — Income between $170,050 to $215,950 35% — Income between $215,950 to $539,900 37% — Income over $539,900 For joint filers, the brackets are as follows: 10% — Income up to $20,550 12% — Income between $20,550 to $83,550 22% — Income between $83,550 to $178,150 24% — Income between $178,150 to $340,100 32% — Income between $340,100 to $431,900 35% — Income between $431,900 to $647,850 37% — Income over $647,850 For individuals, the standard deduction rose by $400 — from $12,550 to $12,950. For married couples, the standard deduction rose by $800 — from $25,100 to $25,900.After nearly two years of aggressive monetary stimulus, the Federal Reserve revealed last week that it would begin tapering its $120 billion in monthly asset purchases by $15 billion per month. According to a Federal Open Market Committee statement: In light of the substantial further progress the economy has made toward the Committee’s goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases […]
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