
Tax Brackets Will be Higher in 2022 Due to Surging Inflation, IRS says
The IRS on Wednesday announced 2022 inflation adjustments for a slew of different tax provisions, including federal income brackets and the standard deduction, that reflect a months-long surge in consumer prices. Because of a spike in the cost of most consumer goods, the majority of the tax bracket thresholds are rising at a faster pace than is usual, the IRS said. Most tax bracket cut-off points rose about 3% compared to the 2021 filing season due to a recent inflation surge