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 ...
Gee, I should vote for Democrats now!!!!
Gee, I should vote for Democrats now!!!!
_________________________________
Everyone does whether they like it or not.
See the 2020 election.
You are now living in the divided states of CHINA.
So remember, when you’re feeling very small and insecure
How amazingly unlikely is your birth
And pray that there’s intelligent life somewhere up in space
‘Cause it’s bugger all down here on Earth
From the article:
“post-vaccine era inflation”
I thought we were supposed to blame Putin.
The mind-controllers can’t keep their lies straight.
Amen! The leftist marxist losers are always throwing us bones of tiny changes at the margin and telling us they are USDA sides of prime beef. That is how you become enslaved. “Gee if I complain they will take away my daily half bowl of gruel. Oh no, please don’t hurt me!”
Enough is enough. Time to vote them into obscurity. I pray for a red tsunami powered by patriotic freedom loving Americans of all stripes!
Yep, the government is awash in money, it would be the only way to shrink government and ensure non wasteful spending.
Amen! The leftist marxist losers are always throwing us bones of tiny changes at the margin and telling us they are USDA sides of prime beef. That is how you become enslaved. “Gee if I complain they will take away my daily half bowl of gruel. Oh no, please don’t hurt me!”
Enough is enough. Time to vote them into obscurity. I pray for a red tsunami powered by patriotic freedom loving Americans of all stripes!
Deep States nowhere hire the front office appearance types for brains.
Next up Obama style “FUNEMPLOYMENT” and staycations. YAY democrats.
Because Jesus had his disciples provide for themselves either through work or through gifts from their followers.
Uncle Sam is paying himself off the top, his supporters (known as Congrift Critters), and his supports in the proletariat who then kick some back to the top! Wash! Rince! Repeat!
You can’t pay all that out with only 10% coming in...that is what the extra, stair-stepped tax rates are designed to overcome!!
FYI, that is how you “SAVE” with the new Inflation Production Act! You spend $10K on new windows, doors, and electric appliances and they give you $2K in tax credits!
See all the savings?!? Me neither!
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