The inflation adjustment for income tax tables and tax credits has been issued by the IRS. The inflation goes into effect for the 2012 tax year. The new tax table for married filing jointly is now:

Less than $17,400 -- 10% of taxable income
$17,400-$70,700 -- $1,740 plus 15% over $17,400
$70,700-$142,700 -- $9,735 plus 25% over $70,700
$142,700-$217,450 -- $27,735 plus 28% over 142,700
$217,450-$388,350 -- $48,665 plus 33% over $217,450
$388,350+ -- $105,062 plus 35% over 388,350

The increases were greater this year than last when inflation was significantly lower. The IRS also announced new limits for 401k contributions. The new level is $17,000, up from $16,500.