In November 2019, the Internal Revenue System released the tax year 2020 annual inflation adjustments for over 60 tax provisions. Generally, these adjustments are levied on tax returns filed in 2021. The specific changes made on the tax bracket for 2020 are as follows:
37% for individual single taxpayers with incomes over $518,400 ($622,050 for married couples filing jointly)
35% for individual single taxpayers with incomes over $207,350 ($414,700 for married couples filing jointly)
32% for individual single taxpayers with incomes over $163,300 ($326,600 for married couples filing jointly)
24% for individual single taxpayers with incomes over $85,525 ($171,050 for married couples filing jointly)
22% for individual single taxpayers with incomes over $40,125 ($80,250 for married couples filing jointly)
12% for individual single taxpayers with incomes over $9,875 ($19,750 for married couples filing jointly)
10% for individual single taxpayers with incomes of $9,875 or less ($19,750 for married couples filing jointly)