IRS ups standard deductions, tax brackets due to inflation

Knight

Knight

Well-known Member
Wed, October 19, 2022 at 8:04 AM
WASHINGTON (AP) — Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation.

For couples who file jointly for tax year 2023, the standard deduction increases to $27,700 up $1,800 from tax year 2022, the IRS announced. Single taxpayers and married people filing separately will see their the standard deduction rise to $13,850, up $900, and for heads of households, the standard deduction will be $20,800, up $1,400.

https://www.yahoo.com/news/irs-ups-standard-deductions-tax-150436488.html

That will help a little since we have no expenses that would make itemized deductions possible. Now if the taxes on gamboling wins were raised from the starting point of $1,200.00 to the suggested start of taxing @ $5000.00. That combined with upping the standard by $1,800.00 would be really great for us.
 

Yeah, the government will give the lower and middle classes a slight tax break, while the wealthy will find more ways to hide their incomes. Then, the government will continue to run up huge deficits, and the rising interest rates will cause even more of the budget to go towards paying the wealthy and foreign bond holders. Eventually, the dollar will collapse, and we will all be paying $5, or more, for a loaf of bread.
 
I don't see any logic for why the IRS feels they must tax government SSA monthly benefits regardless of how high they are. Sure if people have other income sources but otherwise it is the kind of manipulative theft only some lawyers and politicians might create. Also the rules are utterly confusing to 95% of we seniors, most of which don't apply to 95% of us and only tend to keep their army of tax preparers employed.
 
You must log in or register to reply here.

Back
Top