IRS Announces New 2024 Income Tax Brackets
The IRS just announced higher inflation adjustments for the 2024 tax year, potentially giving Americans a chance to increase their take-home pay next year. The agency makes inflation adjustments annually to tax brackets, the standard deduction and some other tax breaks.
The changes are designed to protect taxpayers from the effects of inflation, said Alex Durante, an economist at The Tax Foundation. But the net effect of the changes often do not meaningfully alter a person's tax burden.