The IRS just changed its tax brackets. Here's the impact on your taxes.
CBSN
The IRS said it is adjusting many of its rules to account for the impact of inflation, ranging from individual income tax brackets for 2023 to the standard deduction. The changes could mean tax savings for some taxpayers next year.
The higher limits are aimed at avoiding "bracket creep" due to inflation, which can push workers who received annual cost-of-living pay increases into higher tax brackets even though their standard of living hasn't changed.
The IRS makes such adjustments annually, but this year's hot inflation means that many of the changes are more significant than in a typical year. Americans are struggling with stubbornly high inflation, which is eating into their purchasing power as average wage gains lag the sharp rise in prices.
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