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Tax brackets

The 2024 tax bracket changes and what they mean

by Kimberly Adams and Sofia Terenzio
Jan 15, 2024
To keep up with inflation, tax brackets are adjusted every year using a measure calculated by the IRS. What adjustments were made this year?
Inflation adjustments on our tax brackets haven't always been calculated in the way they are today. "In 2017, Congress switched to the slower method of inflation adjustments," said Wall Street Journal reporter Ashlea Ebeling. "And that just means that the brackets aren't going up as much as they used to."
Joe Raedle/Getty Images
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IRS updates tax brackets in response to inflation

by Amanda Peacher
Nov 11, 2021
The IRS adjusted more than 60 tax provisions, including rate schedules, to take rising prices into account.
Following the news of decades-high inflation in the U.S. economy, the IRS released new rates for the standard deduction and tax brackets.
Chip Somodevilla via Getty Images
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I've Always Wondered ...

Why does our tax system have brackets?

by Janet Nguyen
Oct 14, 2021
Each bracket covers a range of incomes, but the rates increase for those who make more.
The U.S. tax system has seven brackets, but some think it should be overhauled to include more.
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The turf war over taxes

by Ryan Kailath
Feb 20, 2018
New polling shows that public sentiment is growing more favorable toward the recent tax law. Maybe chalk that up to the little extra money many people are seeing in their paychecks as a result of new tax brackets. But in Washington, D.C., there’s still a fight going on about the new tax code — specifically, […]
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Tax Bill 2017

Born in the year of tax reform

by Kai Ryssdal
Dec 22, 2017
Two 31-year-olds discuss the changes to a tax code that hasn't seen major reform since they were born.
Traffic streaks past the U.S. Capitol on December 20, 2017 in Washington, DC. 
Mark Wilson/Getty Images
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How many tax brackets do we need?

by Marielle Segarra
Dec 4, 2017
The GOP has promised its tax plan would ultimately create a simpler tax system for individuals. Key to that is a reduction in the number of tax brackets from the current seven. The House bill does that, taking them to four and lowering the rates. The Senate, though, sticks with seven, albeit at slightly lower […]
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