2024 Tax Brackets

[Ben]

The 2024 tax brackets. I note that an administration that touts "middle class tax cuts" is sure sticking it to the middle class. It has the largest percentage jump from the next lowest of any bracket.

[charby]

If I recall correctly, this was warned about with the income tax cuts during the Trump administration (Tax Cuts and Jobs Act of 2017) and that taxes will go up for the middle class in mid 2020's as benefits expire in 2025. The expiration was added to be able to reconcile a Democrat filibuster in the Senate that the GOP didn't have the votes to end.

2025 would align with the 2024 tax year and corresponding tax tables, since we do our taxes after the year closes.

[Northwoods]

Umm, you realize a big income jump at low brackets to get to the next one helps the middle class?  At least relative to smaller jumps.

Granted I believe income taxes should be abolished.  Which would help the middle class even more.

[Ben]

Umm, you realize a big income jump at low brackets to get to the next one helps the middle class?  At least relative to smaller jumps.

Granted I believe income taxes should be abolished.  Which would help the middle class even more.

I'm not sure I understand what you're saying. As someone currently solidly in the middle class and in the $47,151-$100,525 bracket, how does paying nearly double the taxes on anything I make over $47,150 help me?

[Northwoods]

If the jump was the same % as higher bracets you would be paying the higher rate from $25k not from $47k.