Key tax-code parameters will increase in 2023 as the IRS adjusts the tax system to reflect higher inflation
Agency implements adjustments to key tax code parameters for 2023, following formulas set by Congress
A series of interest-rate rises have rippled through the U.S. economy, and more are projected to be on the way. WSJ breaks down the numbers hitting Americans’ wallets this year and beyond. Photo: Elise Amendola/Associated PressWASHINGTON—The Internal Revenue Service adjusted key tax code parameters for 2023, raising the standard deduction and the income thresholds where tax rates take effect.
The 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income above $693,750 next year, as those thresholds go up 7% from 2022 under inflation adjustments announced by the agency on Tuesday.
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