Tag: inflation

The IRS says it’s raising tax brackets due to rising inflation

The Treasury Department and the Internal Revenue Service (IRS) paid the final monthly child tax credit payment under President Biden's coronavirus relief statute on Wednesday, as the administration and congressional Democrats fight to prolong the payments.

The income limits for federal tax rates will be higher in 2022, according to the IRS, due to the quicker rate of inflation. With the top tax rate poised to remain at 37%, a married couple will need to earn nearly $20,000 more next year to enter the top tax bracket.