1/11/2024 0 Comments 2022 tax bracketsSuppose you are single, and end up with $100,000 of taxable income in 2022. Wider tax brackets are a good thing, because they help to prevent "bracket creep." When a bracket gets wider, there's less of a chance that you'll end up in a higher tax bracket if your income stays the same or doesn't grow at the rate of inflation from one year to the next. ![]() So, from 2021 to 2022, the 22% bracket for single filers got $1,450 wider (i.e., $47,299 – $45,849 = $1,450).įor 2023, however, the width of the 22% singles bracket grew by more than twice as much. (Width is the amount of income taxed at the applicable rate – or in other words, the difference between the bracket's lowest dollar amount, and its highest dollar amount.)Īn example of this is the 22% bracket for single taxpayers. This shows up when we look at the "width" of the 2023 brackets and see that they got comparatively wider than before. Since inflation has been high over the past year or so, the inflation adjustments impacted tax brackets more this year than what most of us are used to. Inflation's Impact on the 2023 Brackets Married Couples Filing Separately and Head-of-Household Filers Tax Rate
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