IRS ups standard deductions, tax brackets due to inflation
Headline from WFMZ Allentown
The adjustments come as inflation accelerated in September, with the Consumer Price Index rising 0.4% last month after just 0.1% in August. Inflation is up 8.2% for the past 12
WFMZ Allentown's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Taxpayers will get fatter standard deductions for 2023 and all tax brackets will be revised upward as the US allows people to shield more of their money from taxation.
The IRS adjusted the threshold levels for the federal income tax brackets and the standard deduction to account for inflation, which is hovering near a 40-year high.
Taxpayers will get fatter standard deductions for 2023, and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation.
The adjustments come as inflation accelerated in September, with the Consumer Price Index rising 0.4% last month after just 0.1% in August. Inflation is up 8.2% for the past 12
High inflation means some taxpayers will pay less to the IRS next year, and some will be dropped into a lower tax bracket. NPR's Leila Fadel talks to Jacob Bogage of The Washington Post.
Identical headlines usually mean shared wire copy. They are counted as separate articles but are not independent confirmation.
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