The New 2024 Tax Brackets for the US: Explained

The New 2024 Tax Brackets for the US: Explained

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[taypac]

While any savings is good, this is hardly an inflation adjustment…

[IL_Bgentyl]

Love how they say buzz words like, “inflation adjusted”

[tHebUm]

Someone making $46k already wasn't hitting the 22% tax bracket due to the standard deduction.

[itskelvinn]

A side by side of the brackets would’ve been good to see

[rainetravels]

Immediate tax relief is to increase 401K to defer income or start a business even if it's not that great just to get the $50k non taxed income relief 😀

[allieroze]

You’re joking right 😒😒😒they think this will help with inflation 😤😤thanks for the news always so informative and helpful to listen to your channel 😊😊😊

[MyName.]

it's unfair billionaires bribed govt to pay $0 tax 😒

[CodyMerritt]

I see a lot of misunderstanding of how tax brackets work.

If go from the 12% bracket to the 22%, you don't get taxed 22% of your entire income, just on the money that you earn that is in that higher bracket.

For example, let's say 10% tax is from 10k to 29k, and 20% tax is on 30k-60k.
You make 30k. How much do you owe in taxes? 30k at 20% should be 6, 000, right? So you owe... 6k?.... nope! You owe 3, 100!
Of your 30k income, 29k is taxed at 10% and the additional 1k over, which falls into the higher bracket, is the only part taxed that is taxed at 20%. So you owe 2.9k from the first 29k, and then 200 off the next 1, 000 dollars earned.

[MarcelG]

They should do just a flat 10 percent tax across the board, no deductions no refunds. Easy, everyone pays their fair share. No loopholes, no BS.

[Jack_Clemans]

And it sounds like this is not taking into consideration the standard deduction which everyone should have to some degree too

[AshJun]

As a UK resident, I'm shocked and jealous at how low US taxes are. The big discussion right now with the UK Autumn statement is how our tax brackets haven't changed in years and dragged so many people into the higher rate bracket despite the fact they're hardly living easy lives with income that's been massively eroded by inflation.

[mrbeanbest]

Basically you get robbed in broad daylight

[giovannizanoni]

Dude...I make exactly 46k...funny. and guess what? I wasn't touching the 22% either last years, anyone making 46% as at least few thousands of deductions which puts you below the braket. For most people this change in bracket will barely change anything

[yudeok]

46k 😂😂😂😂 who tf makes that kind of money 😭

[harambenights]

The government does love us! Meaning while government spending to increase

[ItsJustSimpleAsThat_Ang]

They should make student loan repayment deductible at all income levels at this point……

[roryh]

It’s weird he doesn’t even bother to discuss the standard deduction. The first 13k or so you make won’t get taxed at all in a w2 job other than of course the social security 7.65%

[kevo]

glad that 32% bracket increased more :/

[markjohnston]

Not even close to enough inflation adjustment

[John-ingg]

These don't make any sense. We pay almost the same as Europe taxes and get nothing. I want mient allocated better