Higher earners may owe more to Uncle Sam for 2022, even without tax increases

by | Jan 4, 2022 | In The News

Published on January 4, 2022 by Financial Planning 

More is the new less: Even if lawmakers decide not to raise taxes to bankroll the Biden administration’s climate and social spending plan, you may still end up paying more money to the IRS for this year.

A combination of rising wages and inflation threatens to elbow some taxpayers into higher tax brackets this year, which means they would owe more to Uncle Sam come 2023’s filing season. And that’s before any potential tax increases proposed in the $1.8 trillion Build Back Better bill, now the subject of wrangling in the Senate.