Posted on 10/19/2022 1:28:22 AM PDT by Libloather
It's no secret that inflation is taking a bite out of Americans' wallets right now - and, even with wages rising over the past year, most salaries aren't keeping up with skyrocketing prices.
But if your salary hasn't kept up with inflation, there might be a bit of relief come tax day in 2024. On Tuesday, the IRS released its inflation-adjusted guidelines for 2023, readjusting the tax brackets.
For instance, the top tax rate of 37% stays the same, but the amount of income to qualify for it rose from $539,900 to $578,125. Meanwhile, the lowest rate of 10% will apply to individuals making $11,000 or less, up from $10,275 in 2022.
The bracket adjustment offers more wiggle room for middle and lower income earners, who have traditionally made up the bulk of filers. In 2022, incomes over $41,775 and below $89,075 were taxed at 22%; in 2023, that threshold moves to above $44,725 and below $95,375.
Filers will also be able to deduct more from their taxable income, with the standard deduction rising to $13,850 for individuals and $27,700 for married couples. The earned income tax credit, which is targeted at lower-earning families, also sees a big boost with families eligible for a $7,430 credit. Conversely, if you're planning on inheriting a fortune in 2023, it'll have to be worth more than $12,920,000 to be eligible for the estate tax.
It's yet another aspect of American fiscal life seeing an unusual boost from post-vaccine era inflation. In September, the Consumer Price Index - a key indicator of inflation - rose to 8.2% year-over-year, with core inflation (which excludes volatile food and energy prices) rising to 6.6%. That's a 40-year high, and one that most wages haven't kept up with.
(Excerpt) Read more at businessinsider.com ...
And monkeys might fly out my butt.
So, inflation good. Got it.
Thank you BI via MSN for that one. Yep.
10% should be the MAX limit...
10% limit? - that would be tithing the government.
“I am the Lord thy God, thou shalt have no false gods before me.”
Another craven Dem attempt to influence voters.
An 8% sales tax cost more when cost go up. 8% of a dollar is 8 cents. If the cost goes up to a dollar and fifty cents the 8% tax is now 12 cents.
10-percent for the big guy.
I’d love 10%
I’m over 30% this year, took some money out of the market
and hit a higher bracket.
Except tithing to God is the minimum. You’re also supposed to give offerings. With the government, tithing should be the maximum. Tithing means a tenth of something. It’s not sacrilegious to use it for non-Scriptural reasons.
It has eaten my wallet, I’m using a ziplock bag now!
Get on the Tax Appraisal Review Board in your county and tell every one to protest. Knock their taxes down below 10% and save yer neighbors big bucks..... That review board holds a lot of power for your community. We are a very conservative community so it was easy to get selected.
So I’m told .....:o)
No real need for those extra 87,000 IRS agents.
If 10% is good enough for Jesus, why, it oughta be good enough for Uncle Sam!
Nah, I don’t believe this story. Inflation is just transitory. It’ll be gone soon.
I would prefer more money, even if I had to pay more taxes!
(Always look on the bright side of life)
That’s good advice if one can do it
I try to most of the time
OH, so inflation is good. Got it.
So you make $1 less and save $.31.
That’s some democrat math for you.
The media is a panoply of pandering pathetic putzes.
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