Connect with us

Hi, what are you looking for?

Business

Faster Inflation Pushing Tax Brackets Higher in 2022

Faster Inflation Pushing Tax Brackets Higher in 2022

WASHINGTON—The threshold for the top federal income-tax bracket in 2022 will climb by nearly $20,000 next year for married couples, and that 37% rate will apply to income above $647,850, the Internal Revenue Service said Wednesday as it implemented automatic tax-code updates to reflect faster inflation in 2021.

For individuals, that top tax bracket will start at $539,900. Those levels increased 3.1% from tax year 2021 due to automatic inflation adjustments built into the tax code, and the other tax bracket break points will rise as well. Due to increases in consumer prices, all of the tax bracket thresholds and other key tax-code parameters are rising faster than usual.

You May Also Like

News

A member of Pakistan’s parliament, Sania Ashiq Jabeen was born in Lahore and raised there. She studied at the National College for Drug Administration...

Lifestyle

SINGAPORE – For four decades, Japanese singer and actress Seiko Matsuda has built a following across Asia through a non-stop output of albums, television...

Politics

Almost every April since 1972, the Hash Bash has been held on the Diag of the University of Michigan campus, a free speech event...

News

Grief and joy coexist during Dia de Los Muertos, but Flo Hernandez-Ramos chooses to focus on the celebration every Nov. 2. DENVER — The...