Posted on 10/22/2024 8:22:28 AM PDT by Red Badger
Key Points
The IRS has unveiled higher federal tax brackets for 2025 to adjust for inflation.
The standard deduction will increase to $30,000 for married couples filing together and $15,000 for single taxpayers.
There are also changes to the long-term capital gains brackets, estate tax exemption, child tax credit eligibility and more.
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The IRS has announced new federal income tax brackets and standard deductions for 2025.
In its announcement Tuesday, the agency raised the income thresholds for each bracket, which applies to tax year 2025 for returns filed in 2026. The top rate of 37% applies to individuals with taxable income above $626,350 and married couples filing jointly earning $751,600 or more for 2025.
The IRS also boosted figures for dozens of other provisions, including long-term capital gains brackets, estate and gift tax exemption and eligibility for the child tax credit, among others.
Federal tax brackets for 2025
Federal income tax brackets show how much you owe on each part of your “taxable income,” which you calculate by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
37% for individual single taxpayers with incomes greater than $626,350 ($751,600 for married couples filing jointly)
35% for incomes over $250,525 ($501,050 for married couples filing jointly)
32% for incomes over $197,300 ($394,600 for married couples filing jointly)
24% for incomes over $103,350 ($206,700 for married couples filing jointly)
22% for incomes over $48,475 ($96,950 for married couples filing jointly)
12% for incomes over $11,925 ($23,850 for married couples filing jointly)
10% for incomes of $11,925 or less ($23,850 or less for married couples filing jointly)
After 2025, lower taxes enacted by former President Donald Trump will sunset without action from Congress. If the provision expires, the tax brackets will revert to 2017 levels, shifting to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
Higher standard deduction
The standard deduction will also increase in 2025, rising to $30,000 for married couples filing jointly, up from $29,200 in 2024. Starting in 2025, single filers can claim $15,000, a bump from $14,600.
Trump’s tax cuts also included higher standard deductions, which will sunset after 2025 if Congress doesn’t extend that tax break.
read ‘em and weep!
someone in the tax agency has announced an October Surprise to help bring down the Biden/IneligibleHarris regime?
there’s certainly stuff in all this that the GOP-Trump campaign can put to good use
Biden/IneligibleHarris force up all Americans’ costs of living with fedgovt-fedreserve created inflation of over 20% (today’s news cycle has a report that it is closer to 40%, I haven’t checked the figures but we can all see it is at least 20 with no end in sight)
either way on the precise figures, the D-Progressive ruling elite has pushed people up into the higher federal income tax brackets so that Americans will have a higher percentage of their earnings taken away from them by the D-Progressive elite
makes perfect sense, it is a great scheme ... the largest, greatest, most profitable theft machine in human history, and much more efficient than the Egyptian Pharoahs’ or even the Soviet Communists’ mass-scale theft (”taxation”) systems
the one thing the D party is doing well is levying taxes on average Americans (and taking away Americans’ liberties, too)
Got that?
A federal agency decides what your taxes will be.
My ancestors used the Tory Oak to take care of people like that.
Replace the Karl Marx - Friedrich Engels Communist inspired “progressive” income tax with the FAIRtax and ABOLISH THE IRS!
To find out how to help us do that, go to https://www.fairtax.org.
Easy fix. Everyone pays 17%. No forms, no exemptions, no need for an IRS. Yeah, I know.......And:7 posted on 10/19/2024, 8:33:08 AM by rktman
17%? Shouldn’t that be 10%?Comments invitedMost churches only ask 10% as a tithe, should a government demand more than God?
20 posted on 10/19/2024, 9:29:26 AM by null and void
So they raised the income levels for each bracket to account for inflation?
It looks ugly all printed out.
2023
Tax rate on taxable income from . . . up to . . .
10% $0 $11,000
12% $11,001 $44,725
22% $44,726 $95,375
24% $95,376 $182,100
32% $182,101 $231,250
35% $231,251 $578,125
37% $578,126 And up
*
😂👍. Perhaps I was too generous at 17%? (arbitrary number/SWAG)
Lest we forget.
IRS has spent $10M on weapons, ammo and combat gear ...
New York Post
May 2, 2023 — A new report shows the Internal Revenue Service has been stocking up on weapons, ammunition and combat gear to the tune of $10 million since 2020.
I’m surprised the IRS hasn’t come up with special tax brackets just for Trump voters.
bump for later
I discovered years ago that I can play by the same rules as wealthier folks rather than just grit my teeth and bitch.
Exercise your talents and help each other. You’re a tradesman or professional (Electrician, Plumber, Shooter, Lawyer, Gardener, etc)? Get some cards from Vistaprint and create an Invoice. “Charge” for advice or services.
I have professional standings and credentials for a number of things and help 100’s of folks and some organizations.
The items that you must have for those professional endeavors are tax deductible on your personal taxes (as long as you stay below a certain amount of revenue). My wife practices animal medicine and is a Seamstress as well
Legally give less to the bad folks and get out and help the good folks. Obviously get a decent Accountant as well.
Bottom line, get active and at least try, even with a minimal of free time.
AND don’t forget the new anal exam you will have to go through reporting every aspect of your existence for corporations.
bookmark.
Taxation without representation
Inflation without representation
Invasion without representation
Depopulation without representation
“Representative” GOVERNMENT?
With 85,000 additional armed IRS agents—extra audits for Trump voters will very easily take care of that!
Taxation WITH representation isn’t that great either!
I bet the taxable portion of Social Security remains unchanged, as it has for many years. It doesn’t take much for seniors to hit the 85% taxable level, with most hitting at least 50% taxable level.
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