The Internal Revenue Service announced on Thursday that the thresholds for income tax brackets, and the standard amount Americans can deduct, are both moving up.
The moves — two among several adjustments based on rising inflation — means that taxpayers will have to earn more money to qualify for higher income brackets and their correspondingly higher rates for tax year 2024.
The top rate of 37%, for instance, will apply to individuals with annual taxable income above $609,350 or to jointly filing married couples who earn more than $731,200. That’s a bump up from tax year 2023 (the taxes you’ll owe in April) for which the thresholds were $578,125 and $693,750, respectively.
The standard deduction — the set amount of money by which you can reduce the income you’re taxed on if you don’t itemize — will get a boost to $14,600 for single filers in 2024, up from $13,850 in 2023. The deduction for married couples filing jointly jumps from $27,700 to $29,200.
Here’s how the new brackets will look for single filers and married couples filing jointly.
ALL taxation is theft. Please remember that the graduated income tax was supposed to be a TEMPOARY measure.
No Income Tax before WW2 & it was ONLY supposed to be used to help the War Effort & NOT
Last Forever !!!!!
I think you’re mistaken 9:26. The income tax existed briefly in the late 1800s but was at the time deemed unconstitutional, but then the passage of the 16th Amendment to the Constitution led to the more modern federal income tax, starting in 1913. All this was all before WW2.
There were a group of federal taxes started to support WW II that never went away. The federal excise tax on rubber tires, for instance.
Thanks to BIDEN TAXES ARE Going UUUUUP !!!!!!!
America is Already a Communist Country in disguise !!! They just haven’t begun killing you yet like Russia /
China !!!
Yes, they have………………with the phony covid jab!