2025 Tax Brackets 2023 Tax Brackets 2026 Tax Brackets
On a yearly basis, the Internal Revenue Service (IRS) adjusts more than 60 tax provisions for inflation to prevent what is called “bracket creep.” Bracket creep occurs when inflation, rather than real increases in income, pushes people into higher income tax brackets or reduces the value they receive from credits and deductions.
The IRS previously used the Consumer Price Index (CPI) as a measure of inflation prior to 2018. However, with the Tax Cuts and Jobs Act of 2017 (TCJA), the IRS now uses the Chained Consumer Price Index (C-CPI) to adjust income thresholds, deduction amounts, and credit values accordingly.
The new inflation adjustments are for tax year 2024, for which taxpayers will file tax returns in early 2025.
2024
Federal Income Tax Brackets and Rates
In 2024, the income limits for every tax bracket and all filers will be adjusted for inflation and will be as follows (Table 1). The federal income tax has seven tax rates in 2024: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $609,350 for single filers and above $731,200 for married couples filing jointly.
2024 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households
|
Tax
Rate |
Single Filers |
|
10% |
$0
to $11,600 |
|
12% |
$11,600
to $47,150 |
|
22% |
$47,150
to $100,525 |
|
24% |
$100,525
to $191,950 |
|
32% |
$191,950
to $243,725 |
|
35% |
$243,725
to $609,350 |
|
37% |
$609,350
or more |
|
Married
Filing Jointly |
|
10% $0 to $23,200 |
|
12% $23,200 to $94,300 |
|
24% $94,300 to $201,050 |
|
32% $201,050 to $383,900 |
|
35% $383,900 to $487,450 |
|
37% $487,450 to $731,200 |
|
$731,200
or more |
|
Heads
of Households |
|
10% $0 to $16,550 |
|
12% $16,550 to $63,100 |
|
24% $63,100 to $100,500 |
|
32% $100,500 to $191,950 |
|
35% $191,950 to $243,700 |
|
37%
$243,700 to $609,350 |
|
$609,350
or more |
https://taxfoundation.org/data/all/federal/2024-tax-brackets/
Comments
The
current lowest tax rate is too high at 10% and should be moved to 5%.
The
current 2nd lowest tax rate is too high at 12% and should be moved
to 10%.
The current 3rd lowest tax rate is too high at 22% is too high and should be moved to 12% for single incomes from $47,150 to $60,000
The current 4th lowest tax rate at 24% should be for single incomes from $60,000 to $100,525 and reduced to 20%.
The federal minimum wage in the United States remains at $7.25 per hour and has not changed since 2009. This should remain the same to give teenagers a chance to gain work experience to bring fast food and retail prices down. .
Confusing methods of reporting government data has been the norm for decades.
Federal and State Tax Forms need to be downsized and simplified.
Norb Leahy, Dunwoody GA Tea Party Leader
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