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Started By
Message
re: Tax brackets, standard deduction get 7% increase for 2023
Posted on 10/19/22 at 3:02 pm to lsupride87
Posted on 10/19/22 at 3:02 pm to lsupride87
quote:
You realize this isn’t a tax increase right?
Yes. I planted that there as bait.
1
Posted on 10/19/22 at 3:03 pm to S1C EM
Posted on 10/19/22 at 3:03 pm to jlovel7
quote:
Explain what’s happening here like I’m 4.
A number of "amounts" in the US tax code are subject to annual inflation adjustments.
This includes the tax brackets (what amouunt of your taxable income is taxed at the set rates), the standard deduction, the amounts you can contribute to a retirement plan, etc.
Importantly, a number that is NOT indexd for inflation: The net $3,000 capital loss that you can use to offset other forms of income.
If your income was exactly the same in 2023 as it was in 2022, and your situation did not change (filing status, taking standard deduction, etc) then you will pay slihtly less tax in 2023 than 2022.
This is for income earned in 2023... which is reconciled on your tax return filed in April 2024.
Posted on 10/19/22 at 3:04 pm to S1C EM
quote:
S1C EM
I honestly have no idea what you are confused about
Posted on 10/19/22 at 3:08 pm to Salmon
quote:
I honestly have no idea what you are confused about
It's not a tax increase.
Posted on 10/19/22 at 3:08 pm to S1C EM
quote:
It's not a tax increase.
Uh yeah...that is what I said
the tax brackets increased, which means a decrease in taxes for most people
This post was edited on 10/19/22 at 3:10 pm
Posted on 10/19/22 at 3:09 pm to Pettifogger
quote:
but high wage earners on the edges of these brackets could slip down one and get rare chunk of their money back from Uncle Sam.
Withholding brackets adjust as well.
Posted on 10/19/22 at 3:10 pm to Pettifogger
quote:
Standard deduction is nothing, but high wage earners on the edges of these brackets could slip down one and get rare chunk of their money back from Uncle Sam.
I don't get this. Tax brackets are progressive. You only pay the higher rate on the amount over the threshold. If the threshold rises it only erases the small amount you paid over the prior threshold. It doesnt change the bracket for your entire income.
Posted on 10/19/22 at 3:10 pm to slackster
Gonna be a whole lotta dumb in this thread.
Posted on 10/19/22 at 3:10 pm to LSUFanHouston
quote:
Withholding brackets adjust as well.
Yeah I should have been more clear, I just mean keeping your own money, not in a "windfall" return.
Posted on 10/19/22 at 3:12 pm to Salmon
quote:
Uh yeah...that is what I said
the tax brackets increased, which means a decrease in taxes for most p
And I wasn't necessarily confused about what you were saying. It was the few who saw it as an increase that commented before you.
Posted on 10/19/22 at 3:17 pm to S1C EM
Plus the deduction now is going to be huge for a married couple. Almost 30k.
Earn 100k, but pay taxes on only 70k.
For many people this is going to mean a HUGE tax CUT.
Earn 100k, but pay taxes on only 70k.
For many people this is going to mean a HUGE tax CUT.
Posted on 10/19/22 at 3:20 pm to Eurocat
If inflation is 8% and the deduction and bracket levels increase 7% then it is a tax increase.
Why don’t tax payers get the same “rate” increase o. Tables and deductions that SS and other give assistance is getting…..
Why don’t tax payers get the same “rate” increase o. Tables and deductions that SS and other give assistance is getting…..
Posted on 10/19/22 at 3:26 pm to Salmon
This is Brandon trying to put lipstick on the inflation pig by saying, "Look what we're doing for you! You can make 7% more now without jumping into another tax bracket!"
Posted on 10/19/22 at 3:30 pm to tigeraddict
quote:
If inflation is 8% and the deduction and bracket levels increase 7% then it is a tax increase.
On the other hand, most wage earners will have less than a 7% wage increase.
Posted on 10/19/22 at 3:33 pm to LSUFanHouston
This has nothing to do with Joe Biden. These are Trumps tax cuts that will expire 1/1/2026 if nothing is done. We go back to the old tax tables.
Posted on 10/19/22 at 3:34 pm to slackster
so, comparing to 2022. someone making $200k, it doesn't really change, right?
Posted on 10/19/22 at 3:34 pm to Salmon
quote:
honestly I'm not sure considering it seems many here seem to think this is a tax increase
This thread is hysterical.
Bottom line is if your income stays the same, you’ll pay less in taxes in 2023 than you did in 2022.
Posted on 10/19/22 at 3:36 pm to slackster
quote:
This thread is hysterical.
Bottom line is if your income stays the same, you’ll pay less in taxes in 2023 than you did in 2022.
That's not what the 2 charts state, at least for me personally.
This post was edited on 10/19/22 at 3:37 pm
Posted on 10/19/22 at 3:37 pm to slackster
So all of OT is 37%
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