2022 vs. 2023 IRS Tax Brackets Comparison

You need to know how the new IRS tax brackets will affect your income if you file your taxes in 2023. In this article, you will see the difference between the 2022 and 2023 tax brackets.

The IRS has just adjusted the income thresholds for all seven federal income tax brackets. These changes will affect many employees, as many will see an increase in their paychecks. The IRS released Revenue Procedure 2022-38, explaining the changes to the tax code. The top income tax brackets have risen by 7 percent, increasing take-home pay for many Americans. Let’s take a closer look at our 2022 vs. 2023 IRS tax bracket comparison tables and what we think about them.

The tax rates will not change in 2023, but the tax brackets will. As with every tax year, inflation will play a role. The 2023 tax brackets will be wider than we’re used to. This is meant to keep tax-bracket creep at bay.

Tax Brackets Comparison

While the tax rates didn’t change, the tax brackets did. The top income limits are higher in 2023 than they were in 2022, which means you’ll have to earn more income to be in these brackets. While this is positive, it’s important to remember that these changes will only affect people earning more money than you do now. As long as inflation stays below 3%, you’ll still be able to take advantage of the lower rates.

You may be wondering how 2022 vs. 2023 IRS tax rates compare. There are some key differences in the tax brackets. For example, the income thresholds for 2023 are higher than those for 2022. The main reasons for the higher income threshold are inflation and a small increase in the standard deduction. However, some other factors can also contribute to the difference. Let’s take a closer look at the tax brackets for a better understanding:

Tax Bracket Single Filers

Tax bracket20222023Difference

Tax Bracket Married Filing Jointly

Tax bracket20222023Difference

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button