Key Points
The IRS has released higher federal tax brackets for 2023 to adjust for inflation.
The standard deduction is increasing to $27,700 for married couples filing together and $13,850 for single taxpayers.
There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits, among others.
For now the jury is out on this new announcement but the IRS claim’s its an adjustment for inflation.
Looking at the official IRS page and its clear they have gone wild with the inflation reduction act to which most experts agree its simply very bad policy that is designed to keep the rich richer and the poor poorer.
