Planned Solutions

In this episode of the Planned Solutions Incorporated Podcast, The high rate of inflation throughout 2022 has resulted in large adjustments to a number of areas of the US income tax code. The number of tax deductions, the levels for each income tax bracket, and the income levels of tax credits are all adjusted upward for 2023. This will produce little change in tax rates for those whose taxable income has kept up with inflation but will likely produce tax savings for those whose income has not increased in line with inflation. Also, The US economy grew by an annualized rate of 2.6% in the third quarter, offsetting the declines reported in the first and second quarters. Consumer spending continued to the positive while private investment contracted sharply. Meanwhile, foreign trade was strongly positive and government spending once again turned positive. And, Social Security benefits will increase by 8.7% in 2023. This is the equivalent of beneficiaries receiving an extra payment in 2023 as their total annu