New Income Tax Brackets for 2023 Explained in 2 Minutes (inflation surprise!)

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BREAKING NEWS THIS WEEK: Thanks to the cost-of-living adjustments in the tax code that the IRS released this week, Americans whose salaries are getting crushed by inflation MAY pay less in taxes NEXT year. Here’s what we know…

Federal income tax brackets will jump by 7%. The 37% top income tax rate will apply to individuals earning $578,125. That's up $38,225 from $539,900 this year.

Also, the standard deduction is increasing. The normal tax deduction for married couples filing jointly has increased to $27,700 from $25,900. It will jump from $12,950 to $13,850 for single filers.

Ronald Reagan, Joe Biden and Alexandria Ocasio-Cortez (AOC) are all included in the shenanigans!

Enjoy!

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