2023 Tax Brackets and Federal Income Tax Rates

Jul 27, 2023

 

There are seven federal tax brackets, each with its own marginal income tax rate. Your income each year determines which tax bracket you fall into.

The first thing you need to know about federal tax brackets and income tax rates is that there are seven federal income tax rates. Those rates are 10%, 12%, 22%, 32%, 35%, and 37%. The federal tax rates typically don’t change unless Congress passes major tax legislation. For example, the Tax Cuts and Jobs Act of 2017 (sometimes known as the “Trump tax cuts”) lowered the top tax rate to 37% until 2025, when that rate is scheduled to revert to 39.6%).  Learn more

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