Effective beginning in January, Americans are poised to experience a potential boost in their take-home pay in 2024, as the Internal Revenue Service (IRS) ushers in higher federal income tax brackets and standard deductions.
The IRS, addressing concerns about “bracket creep,” announced these adjustments in November, with the intention of preventing taxpayers from being pushed into higher-income brackets due to inflation.
In a year where inflation remains higher than the pre-pandemic average and the Federal Reserve’s 2% target, the 5.4% increase in tax brackets is expected to result in substantial savings for taxpayers across all income levels. As the adjustments take effect, millions of Americans may find relief in shielding more of their income from IRS scrutiny.
For more information, visit: irs.gov.
Reporting for WGRT – Choze Powell
