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Without any more information, the simplest route would be to include a reference table with the fields and code meanings. Joining this back to your original dataset (either with the join or find/replace tool) would then bring in the code meanings. No need to convert them in the data.
Alternatively you could use a formula tool and write formulas such as
if [tax bracket]=1 then "15% or less" elseif
[tax bracke]=2 then "16-28%" else
but that's more work for each field and more complicated should those meanings ever change. A reference table is easier.
There are a couple ways to achieve this, so I'll give a couple examples. The formula tool is probably the most direct. You'll use an IF statement that looks like this:
For the [Tax Bracket] field:
IF [Tax Bracket]==1 THEN "15% or Less"
ELSEIF [Tax Bracket]==2 THEN "16-28%"
ELSE "Over 28%" ENDIF
You'll need to either change the field type on this field to a string before you apply these values, or create a new field that's a string. The Find Replace tool will be another common option. I've attached an example workflow below.