New Delhi, Oct. 10 -- The IRS or Internal Revenue Service of the United States has just announced a major overall in the taxing system of America, with new federal income tax brackets and standard deductions for 2026.

Announcing the new income tax rules, the IRS said it was adjusting for inflation in an attempt to prevent 'bracket creep', when an increase in wages pushes the taxpayer into the higher tax bracket without having an actual impact on purchase power.

The agency on Thursday said it was increasing the income tax threshold for each bracket.

(This is a developing story. Check back for updates)

Published by HT Digital Content Services with permission from MINT....