IRS Makes Adjustments to Tax Brackets, Here’s How You’ll Be Affected
As someone who hates the Democratic party, I’m not so against them that I can’t admit when something good is actually done.
Now, it may pain me to say that, but I truly want what’s best for all Americans so I’m not going to act like one of them and pretend that something good is bad just because I don’t like the person in the chair.
The IRS announced that it would be adjusting the federal income tax brackets and deductions given how terrible our economy is doing and to account for inflation.
In my opinion, they didn’t raise the numbers enough, but I guess it’s better than nothing.
The new tax brackets will look like the following:
- 10% — Income up to $10,275
- 12% — Income between $10,275 and $41,775
- 22% — Income between $41,775 to $89,075
- 24% — Income between $89,075 to $170,050
- 32% — Income between $170,050 to $215,950
- 35% — Income between $215,950 to $539,900
- 37% — Income over $539,900
For joint filers, the brackets are as follows:
- 10% — Income up to $20,550
- 12% — Income between $20,550 to $83,550
- 22% — Income between $83,550 to $178,150
- 24% — Income between $178,150 to $340,100
- 32% — Income between $340,100 to $431,900
- 35% — Income between $431,900 to $647,850
- 37% — Income over $647,850
These adjustments won’t come in time for this next tax season, but for the 2022 taxes they will be in effect. Sadly, that may come too late for some. The government steals enough of our money already which has led to the poor condition and the huge income gap between the richest and the poorest.
If it weren’t for the taxes and the government hand-out programs from our government our nation would be a much better and stronger place. Imagine if taxes were only 10% across the board as some have proposed. No deductions. No child income credits. Just 10%. I think most of us would be better off if that were the case. I know I would be much better off if I only had to pay 10% of my income.
There are some that I know this wouldn’t help out, but if we want a truly fair country, this would be fair.