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On a yearly basis the Internal Revenue Service IRS adjusts more than 60 tax provisions for inflation Inflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency and the value of certain assets. The same paycheck covers less goods, services, and bills. Bracket creep results in an increase in income taxes without an increase in real income. Many tax provisions—both at the federal and state level—are adjusted for inflation. The new inflation adjustments are for tax year , for which taxpayers will file tax returns in early Note that the Tax Foundation is a c 3 educational nonprofit and cannot answer specific questions about your tax situation or assist in the tax filing process. The income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows Table 1. There are seven federal income tax rates in 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income Taxable income is the amount of income subject to tax, after deductions and exemptions. For both individuals and corporations, taxable income differs from—and is less than—gross income.

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