What are fed tax rates for 2020
The IRS released the federal tax rates and income brackets for 2020 on Wednesday. The seven tax rates remain unchanged, while the income limits have been adjusted for inflation. The United States Bureau of Labor Statistics released that the annual inflation rate is 1.7% for the 12 months ended September 2019. The statistics were published on October 10 so we can say that overall tax brackets are going to increase by about 1.5% to 2% for 2020.