When it comes to federal income tax rates and brackets, the tax rates themselves aren't changing from 2022 to 2023. The same seven tax rates in effect for the 2022 tax year – 10%, 12%, 22%, 24%, 32%, 35% and 37% – still apply for 2023. However, the tax brackets for 2022 and 2023 are different (i.e., new beginning and ending dollar amounts are established for each bracket). That's because the brackets are adjusted each year to account for inflation. As a result, you could end up in different tax brackets in 2022 and 2023. That, of course, also means you could pay a different tax rate on some of your income from 2022 to 2023.
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