The Internal Revenue Service (IRS) has updated income limits, and in 2023 the amount of money you can receive before moving up to a higher tax bracket will increase. The upside is that Americans will have to pay less taxes even if they make more money next year.
The current rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Let’s see the effect of the change on the numbers:
In 2022, an American earns $41,776 and files alone. According to his category, he must pay 22% in taxes. In 2023, he could earn up to $44,726 and still be eligible for that 22% cap.
The main goal of the Internal Revenue Service’s tax change is to save money for US residents. Regardless of which adjusted tax bracket the payer falls into, they will pay less to the IRS.
The US has a progressive tax system. Residents are taxed at different rates depending on how much they earn each year
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