To keep up with inflation, tax brackets are adjusted every year using a measure calculated by the IRS. What adjustments were made this year?
The IRS adjusted more than 60 tax provisions, including rate schedules, to take rising prices into account.
New polling shows that public sentiment is growing more favorable toward the recent tax law. Maybe chalk that up to the little extra money many people are seeing in their paychecks as a result of new tax brackets. But in Washington, D.C., there’s still a fight going on about the new tax code — specifically, […]
The GOP has promised its tax plan would ultimately create a simpler tax system for individuals. Key to that is a reduction in the number of tax brackets from the current seven. The House bill does that, taking them to four and lowering the rates. The Senate, though, sticks with seven, albeit at slightly lower […]