Posted on 11/10/2023 2:02:32 PM PST by Aquamarine
US tax brackets will rise by around 5.4 percent next year in line with inflation, the Internal Revenue Service (IRS) has confirmed.
From 2024, the lowest tax rate of 10 percent will apply to those earning up to $11,600, up from $11,000 this year.
Meanwhile the highest rate of 37 percent will now apply to workers whose salaries exceed $609,350, up from $578,125 in 2023. Middle-income thresholds all saw similar rises. These higher thresholds could mean savings for millions of workers across all income brackets. They will apply to the 2024 tax year - meaning returns filed in 2025.
The IRS makes adjustments to tax brackets annually to avoid a trend known as 'bracket creep' which sees taxpayers pushed into higher income brackets despite their purchasing power remaining unchanged - or even decimated - by high inflation.
Increases are more stark during periods of high inflation. Currently the annual rate of US inflation is hovering at 3.7 percent - down from a high of 9.1 percent in June 2022 - but still well above the Federal Reserve's target of 2 percent.
(Excerpt) Read more at dailymail.co.uk ...
Wonder what would happen IF every working stiff in the country just outright quit.
Would that be considered a tax revolt?
Would odongo’s/brandon’s 87K IRS army come after em all? /s
it talks about earners of <$11000 and >$609000, but skips the $75000 earners?
Just think what would happen if millions of taxpayers decided not to file or send any checks on April 15th?
Game over for the mfers.
F15s and nukes?
They would round everybody up, put them in chaingangs....and have them build houses for illegal immigrants.
I’ve read that a pure, 10% flat income tax with no deductions, credits, or loopholes would bring in approximately $6 trillion a year in revenues, easily closing the annual deficit and paying off the national debt within 10 years assuming spending remains static.
BWAHahahahahahahahaha!!!!!
"Closing the deficit ..."
Dude ... lay off the cannabis.
Do you seriously think Congress will allow that to happen? All that sweet Other Peoples' Money coming in? They'll spend it ... and more ... and we'll have a national debt that will make your head spin.
I know they wouldn't pass such a reform.
thx...
We had the perfect opportunity to do that with trump. But not only did he make the tax rate permanent for the rich. He made workers expire in 2025. Huge tax hikes coming. It won’t be pretty.
Depends on the economy and the spending. I think it would be less. After it’s paid off we could lower it to 5%
Which is why they take it out of your payroll taxes every two weeks. Now most people have to file to get money back. Thats why they do it.
Its not realistic to assume spending would stay static.
“Currently the annual rate of US inflation is hovering at 3.7 percent”
Pig Effing lie. WTF numbers are they using to come up with a bald faced slimy lie like this?
Ukraine pays off Hunter and WE pay with weapons and equipment. And more mansions for corrupt democrat 'friends'... When Hillary gave $10,000 dollar A MINUTE speeches followed up by US aid - it was us who paid for it. And the corrupt Washington Post? They're worried Trump might be authoritarian?
NO INCOME TAX. WHY? Because any tax on income does not catch the others coming into this country.
5-10% national retail sales tax paid at the register. Then..spend ONLY NEXT YEAR what is brought in this year minus 10% for debt retirement.
If they go to a flat tax on income. The same thing will be done to it as they have done to this present tax system eventually.
35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)
The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).
thank you...
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