After the Bell: Tax bracket change; Crude oil sell off; BMW investment; stores on Thanksgiving
INDIANAPOLIS (WISH) — New IRS tax rules mean your paycheck could be bigger next year.
The IRS will adjust its tax brackets for 2023, meaning you could get more take-home pay.
Lower tax rates
2023 wages will be subjected to lower tax rates that they were this year, and more income can be deducted from taxes.
The tax brackets will changed, and the standard deduction goes up eight percent.
The changes start in 2023, though, which means people won’t feel the changes until “tax time” in 2024.
Crude oil sell off
President Biden says the U.S. will sell off 15 million barrels of crude oil from the nation’s emergency supply.
It’s part of a plan to lower gas prices ahead of the upcoming midterm elections.
The announcement also comes two weeks after the OPEC+ group cut oil production.
New BMW investment
BMW will invest $1.7 billion here in the U.S. to make electric vehicles.
The investment includes a billion dollars to build electric vehicles at the carmaker’s South Carolina plant and another $700 million for a new battery facility.
BMW says it plans to make at least six fully electric models by 2030.
More stores closing on Thanksgiving
Walmart, Target, and Best Buy are again shutting their doors on Thanksgiving day.
Several companies started doing this during the pandemic.
Many of these companies also have websites, making them less reliant on specific days to drive sales.
Walmart’s CEO even said, “It’s a thing of the past,” and their stores will be closed on Thanksgiving for good.