good morning, everyone. happy new year! and welcome to this special edition of cnn this morning. s this sunday, january 1st, 2023. i got to say it first, boris. i m amara walker. 2023. isn t that crazy, amarah. where does the time go? yeah. thank you so much for joining us on this new year s day. i m boris sanchez. we hope your new year is off to a fantastic start. is it, amara? it s too early to say, but i ll tell you this, i do not set new year s resolutions, because i just disappoint myself. i take it literally day by day. let s survive today, january 1st, and see what the next day brings. i am fully with that sentiment. here s what s ahead for you this hour on cnn this morning. the new year comes with new rules when it comes to filing your taxes. why that could mean a larger paycheck this year. plus, if you ve been to the store lately, there s a good chance that there s an unexpected item in the bagging area. sound familiar? coming up, we ll talk about those
determine how much to withhold from an employee s paycheck. so those withholding tables will be adjusted to reflect these higher amounts, and that should result in lower withholding from the employees and therefore, higher paychecks. and you were mentioning the tax bracketts, the irs is bumpig up all seven brackets to those higher thresholds. all put together, how significant is this? well, you know, as you said, the 7% increase is the largest we ve had in many years, and so looking at those numbers, the increase in the standard deduction, they re talking hundreds of dollars there and the tax brackets with, similarly, the higher the bracket, the higher the numbers. but you re talking hundreds of dollars there, as well. and is there anything folks could be doing to safeguard their retirement funds during this time of inflation? we should mention the irs is also boosting to 2023 contribution limits for 401(k)s