IRS To Boost Tax Brackets , Due to Quicker Pace, of Inflation.<br />The Internal Revenue Service (IRS) <br />says thresholds on income tax <br />brackets will rise in 2022.<br />The Internal Revenue Service (IRS) <br />says thresholds on income tax <br />brackets will rise in 2022.<br />CBS News reports the IRS has made <br />these adjustments due to rising consumer prices in an inflated economy.<br />CBS News reports the IRS has made <br />these adjustments due to rising consumer prices in an inflated economy.<br />Though adjustments are made <br />to tax brackets each year, these <br />increases are higher than normal.<br />The updated thresholds reflect <br />increases of around 3%. .<br />According to CBS News, <br />married couples must now earn <br />nearly $20,000 more to enter <br />the highest tax bracket.<br />According to CBS News, <br />married couples must now earn <br />nearly $20,000 more to enter <br />the highest tax bracket.<br />Basic income tax <br />rates will not change.<br />Set by the Tax Cuts and Jobs Act, <br />the lowest income tax bracket <br />is 10%. The highest is 37%. .<br />Experts say the adjustment <br />does little to account for accelerating inflation. .<br />Experts say the adjustment <br />does little to account for accelerating inflation. .<br />Americans are now paying <br />considerably more for everyday <br />items they need to survive.<br />Americans are now paying <br />considerably more for everyday <br />items they need to survive.<br />On Nov. 10, the Bureau of Labor Statistics said consumer prices have risen 6.2% from a year ago.<br />On Nov. 10, the Bureau of Labor Statistics said consumer prices have risen 6.2% from a year ago
