Braking Down The Noise

Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 7%

Agency implements adjustments to key tax code parameters for 2023, following formulas set by Congress


WASHINGTON—The Internal Revenue Service adjusted key tax code parameters for 2023 to reflect higher inflation, raising the standard deduction and the income thresholds where tax rates take effect.

The 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income above $693,750 next year, as those thresholds go up 7% from 2022 under inflation adjustments announced by the agency on Tuesday.


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