Millions of Taxpayers Affected by Major IRS Move – Because of Inflation, They Just Shifted Brackets
What’s Happening:
Joe Biden and the Democrats spent nearly a year ignoring inflation. Because of that, the problem got out of control. Americans are suffering from 40-year-high inflation, with is wiping out their finances.
Biden’s “solution” has been to throw trillions at the problem, in a bill experts said would not help. Now, the IRS has been forced to take steps to deal with this growing problem. But Americans won’t be able to benefit until 2024. From The Hill:
The IRS on Tuesday announced rule adjustments to account for inflation for the 2023 tax year, including shifts for tax brackets and the standard deduction…
The standard deduction will increase by $1,800 for married couples filing jointly, by $1,400 for heads of households and by $900 for single taxpayers and married taxpayers filing separately.
The IRS has been forced to adjust tax brackets, including increasing deductions for most taxpayers, thanks to inflation.
Or maybe we should say, thanks Joe!
Inflation is getting so bad that the worst agency in America is being forced to help us out. But, as you can expect, the adjustments won’t go into effect until 2023, meaning you won’t see them until you file taxes in 2024.
Thanks, IRS! Even though inflation is hurting Americans now, these changes won’t go into effect until years from now. That’s pretty much expected from an agency that seems to think you don’t deserve your own money.
The changes will mean tax filers can deduct more from their tax liability. This means you’ll have to pay a little bit less. But it won’t amount to much, as inflation only continues to rise.
This change is only accounting for inflation happening right now. By 2023 and 2024, inflation might be even higher. Unless Republicans retake the majority and grind Biden’s plans to a halt, who knows how bad it can get in just a few more months?
Biden is hellbent on spending as much of our money as possible. And the IRS has been pressed by Joe to get as much cash from us as possible, to cover his wild spending.
We’ll see how much this “adjustment” is going to help.
Key Takeaways:
- The IRS has been forced to adjust tax brackets, due to rampant inflation.
- The changes will allow tax filers to claim more deductions, due to rising costs.
- The changes won’t go into effect until 2023, with filings in 2024.
Source: The Hill