US Federal Tax 8-25-24

2023 Standard Deduction $13,850 

Individual Tax Brackets         

Tax                                Actual Taxable Income  Tax

10%   0-11,000                  0                                  0

12%   11,001 – 44,725      0          -   30,875         3,705

22%   44,726-95,375         30.876 -   81,525       17,935

24%   95,376-182,100       81,526 – 168,250      40,380

32%   182,101-231,250    168,251 – 217,400     69.568

35%   231,251-578,125    217,401 – 564,275    197.496

37%   578-126-and UP     564,276 – and UP     208,782

Wealthier US citizens pay most of the taxes under Trump’s tax code that is up for grabs in 2025. Trump will likely ease up on those with lower incomes. Less than 1% of the US population earned over $500k. That is 3.5 million people in our of 340 million population. The average salary in 2023 was $59,384.

In 2022, 16.4% of US households had an annual income between $100,000 and $149,999, making up the largest share of the population. 37.1% of households earned at least $100,000, and over half (50.0%) earned less than $75,000. The median household income was $74,580. 

Household Income   %of Population

0-15000                    8.3%

15000-24999            7.4%

25000-34999           7.6%

35000-49999         10.6%

50000-74999         16.2%

75000-99999         12.3%

100000-149999     16.4%

150000-199999      9.2%

200000-and over  11.9%

23.3% of US households have a household income of less than $35,000 per year. Another 10.6% have a household income from $35,000 per year to $50,000 per year. These groups should get the biggest tax breaks through an increase in Standard Deduction and/or a reduction in the %Tax. They are probably living with family and/or being subsidized by family. Homeless Addicts are probably 10% of the population. 

https://www.statista.com/statistics/203183/percentage-distribution-of-household-income-in-the-us

2024 Tax Brackets are published and show the tax bracket for incomes from $11,601 to $47,150 at 12%

https://www.google.com/search?q=irs+1040+tax+brackets+2024&oq=irs+1040+tax+brackets

The 2024 Standard Deduction is $11,600 for Single and $23,200 for married couples filing jointly.

Comments

The data above makes the case for Trump’s promise to reduce taxes and reduce prices in 2025.

Norb Leahy, Dunwoody GA Tea Party Leader