2023 Taxes Cheat Sheet - Flipbook - Page 10
Brackets Before & After Tax Reform - Single
Under the new tax rules, 5 out of 7 tax brackets decreased from the 2017 tax
year. In an effort to simplify filing and reduce itemized deductions, the
”Standard Deduction” increased from $6,500 to $12,000 for individual
taxpayers. To offset the increased standard deduction, the personal
exemption was increased and several itemized deductions were reduced or
eliminated. Each year, the marginal tax rate will be determined by the
“Chained CPI”, to help adjust bracket breakpoints based on inflation.
Source: Tax Foundation Website.
“Preliminary Details and Analysis of the Tax Cuts and Jobs Act”.
https://files.taxfoundation.org/20171220113959/TaxFoundation-SR241-TCJA-3.pdf
Last Accessed November 1, 2018.
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