US Income Tax Standard Deductions need to be adjusted up to cover the systemic inflation we have experienced. The Median Household Incomes for Taxpayers who are under age 24 and over age 65 are the lowest. On IRS 1040 for 2024, the Standard Deduction for married couples filing jointly is $29,200, Head of Household $21,900 and Single Filers $14.600. These Standard Deductions were established in 2017 and need to be increased by 20% to cover the cumulative inflation households were saddled with from 2021 through 2024.
The pending Income Tax Laws should include a 20% hike retroactive to include the 2024 Income Tax. This would raise the 2024 Standard Deductions to $35,040 for Joint Filing Couples, $26,200 for Head of Household and $17,520 for Single Filers.
In the United States, median household income by age typically increases until people reach their 40s and 50s, and then decreases as people approach retirement.
Median
household income by age
35–44
years: In 2023, the median income for this age group was $101,300
45–54
years: In 2023, the median income for this age group was $110,700
55–64
years: In 2023, the median income for this age group was $90,640
65–74
years: In 2023, the median income for this age group was $61,830
Under
24 years: Households headed by people in this age group have the lowest
median income
Over 75 years: Households headed by people in this age group have a low median income
Factors
that affect median household income
Career
stage: People are usually most well-established in their careers in their
40s and 50s, which is when their household income peaks
Retirement: As
people approach retirement, their income decreases as their salaries are
replaced by retirement income
Household
size: The size of the household can affect median household income
https://www.google.com/search?q=us+median+household+income+
Norb Leahy, Dunwoody GA Tea Party Leader
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