Inflation is breaking our backs in America and we’re not getting much relief. Joe Biden is going to lower gas prices by tapping into the U.S. strategic reserve only to turn around and buy it right back for somewhere between $75-$85 per barrel.

Of course, he’s doing that so that we’ll see that gas prices are down leading up to midterms and maybe we’ll vote Democrat because they’ve done such a good job bringing down the gas prices that they shot through the roof.

Well, their plan isn’t going to work. But there may be some potential relief, as long as you can wait another year and a half for it. The IRS has just released the new adjustments to filing your taxes. But you won’t be able to take advantage of them this year. You’ll have to wait until next tax season.

So, what sort of adjustments are there? Well, when filing their taxes, most people take the standard deduction because it’s the simplest and most people don’t have more than that amount in deductions to write off. Well, there is some good news for you if you’re one of those who claims the standard deduction. The amount is going up and additional $1,800 up to $27,700 for a married couple, or $13,850 for single taxpayers.

The tax bracket have changed as well.

For the tax year 2023, the top marginal rate, or the highest tax rate based on income, remains 37 percent for individual single taxpayers with incomes greater than $578,125, or $693,750 for married couples filing jointly.

The lowest rate is 10 percent, and applies to single individuals with incomes of $11,000 or less and married couples earning $22,000 or less.

The other rates are: 35 percent for incomes over $231,250 (or $462,500 for married couples filing jointly), 32 percent for incomes over $182,100 (or $364,200 for married couples filing jointly), 24 percent for incomes over $95,375 (or $190,750 for married couples filing jointly), 22 percent for incomes over $44,725 (or $89,450 for married couples filing jointly), and 12 percent for incomes over $11,000 ($22,000 for married couples filing jointly).

These are the big ones that most people care about, but there are a few other changes such as the earned income credit and flexible spending arrangements.

Sources: Epoch Times

Photo Credit: Marco Verch

Daniel

Daniel is a conservative syndicated opinion writer and amateur theologian. He writes about topics of politics, culture, freedom, and faith.

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  • Unless the Dems retain both houses…then expect a HUGE tax increase for some ’emergency’ they’ll come up with. Better believe that!!

    • The Democrats and Biden are the reasons the economy is in the dump in the first place. Prior to FJB being placed into office and this “Plandemic” created, the US was experiencing low gas prices, the lowest unemployment in history, a strong economy and major tax cuts. No thanks to the Dems. There’s going to be a major red wave that will sweep over this nation and the aftermath will be that Pelosi, Schumer, Schiff and the Democrat trash will be taken out. Once the scumsuckers in the DC swamp are removed, then we will see the US regain some sort of normalness within our borders. when are you liberal sheep going to quit drinking the Kool aid that the Dems have been feeding you and wake up to reality?

      • 🎯🎯🎯 When MAGAs fully in place, we need to DEMAND that the Income Tax–on earnings, savings, and investments–be REPEALED. I hope Woodrow Wilson is burning in hell! We have plenty of taxes and don’t need the elected-dunce criminals stealing our hard-earned money! Charities will blossom when the Income Tax is no more. We will all prosper.

      • Celeste must be living in an alternate universe. FJB! Or, there’s just an abundance of ‘Stupid’ out there and she’s into it. And I’ll second John’s point of view in that he nailed it.

    • How brainwashed can u demonrat baby butchering plantation slaves be..but oh I forgot..u get everything free from ur demonrat slave masters. Contented slaves

    • Now would be a good time to put your official Hunter Biden crack pipe down! Was there any of that Woke Democrat brainwashed BS that you were not dumb enough to swallow?

  • It’s the AGENDA, not the party… The R’s won’t change anything.. The pendulum will swing to so-called reds, but the AGENDA will continue…
    DC “cannot” change the global RESET…

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