IRS has announced its new 2025 tax brackets. Here's what to know.
CBSN
The IRS on Tuesday announced its new inflation-adjusted tax brackets for 2025, with the annual income thresholds rising by about 2.8% from 2024 — the smallest jump in several years.
The IRS each fall announces inflation-adjusted changes to the tax brackets and dozens of other provisions for the following tax year. Because inflation jumped during the pandemic, the bracket adjustments were larger in the past few years, reaching 7% in 2023 and 5.4% in the current year.
The idea is to protect taxpayers from "bracket creep" — when workers are pushed into higher tax bands due to the impact of cost-of-living adjustments aimed at offsetting inflation — without a change in their standard of living.
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