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 ...
They missed just a bit.
How about 37.0 %
100% or more on food.
That was Congress
Trumps hand wasn’t broken from what I remember.
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