Here’s how persistent high inflation may affect your tax bracket next year

  • by:
  • Source: CNBC
  • 09/22/2022
As Americans grapple with soaring prices, experts say it’s likely we’ll see higher-than-usual inflation adjustments from the IRS for 2023 — covering tax brackets, 401(k) plan contribution limits and more.

Built into the tax code, these yearly IRS changes aim to prevent so-called “bracket creep,” when inflation bumps up income and pushes Americans into higher tax brackets, said Kyle Pomerleau, senior fellow and federal tax expert with the American Enterprise Institute.

“That’s not necessarily a good thing,” he said, since Americans’ higher income may not reflect an improved quality of life.
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