
IRS tax rates for 2023 reflect inflation
After a year of soaring inflation, the IRS has raised the dollar amounts needed to qualify in each tax bracket for 2023, along with increases in standard deductions and other areas. The IRS has seven tax rates based on income levels – 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The rates for 2023 have remained the same but the amounts needed to qualify for each bracket have increased. For example, in 2022, the 22 percent bracket for those married and filing jointly








