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Photo: Africa Studio (Shutterstock) Yesterday, the IRS released inflation-adjusted income tax brackets for 2022, which will be increasing by the largest year-to-year margin since Congress revamped the tax code in 2017. Here’s a look at how it breaks down. Expect a 3% bump to existing tax bracket income limits The tax rates will remain the same, but the thresholds have been bumped up by about 3%, so that a bracket’s minimum income is increased by at least a few hundred dollars. Here’s a look at the breakdown of the marginal rates for 2022: 37% for incomes over $539,900 ($647,850 when filing jointly) 35% for incomes over $215,950 ($431,900 when filing jointly) 32% for incomes over $170,050 ($340,100 when filing jointly) 24% for incomes over $89,075 ($178,150 when filing jointly) 22% for incomes over $41,775 ($83,550 when filing jointly) 12% for incomes over $10,275 ($20,550 when filing jointly) 10% for incomes of $10,275 or less ($20,550 when filing jointly) Remember that these are tax thresholds, not flat taxes on your total earnings. For a simple explanation on how marginal taxes work, check out this Lifehacker post . While the adjustment is relatively significant, these changes don’t reflect more recent inflation rate data that reveals a 6.2% year-over-year increase in consumer prices. The standard deduction is also increasing in 2022 The standard deduction claimed by most taxpayers is increasing by $400, from $12,550 to $12,950. For married couples filing jointly, it goes up $800, from $25,100 to $25,900. Another notable change […]