The IRS said the income thresholds for tax brackets will be climb higher in 2022, reflecting the faster pace of inflation. A married couple, for instance, will need to earn almost $20,000 more next year to enter the top tax bracket, which remains 37%.
The tax agency typically adjusts tax brackets each year to account for rising consumer prices, but this year’s increases are higher than usual. What’s not changing are the basic income-tax rates that were set by Congress through 2017’s Tax Cuts and Jobs Act, which set the lowest threshold at 10% and the highest at 37%.
The IRS […]
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