Headline Roundup • November 10th, 2023
IRS Announces New 2024 Tax Brackets
Summary from the AllSides News Team
The IRS is introducing new income limits for its 2024 tax brackets to account for inflation.
The Details: The changes will apply to tax returns filed in 2025. The standard deduction, which reduces the amount of income you pay taxes on, will rise to $29,200 in 2024, up from $27,700, for married couples filing jointly. The new limit for individuals will be $14,600 for 2024, up from $13,850. The IRS is also increasing tax brackets for both individual and married filers across the different income spectrums by about 5.4%, with the top tax rate holding at 37% in 2024. Employees will also be allowed to contribute more to their health flexible spending accounts, with the maximum contribution rising to $3,200.
How the Media Covered It: Sources across the spectrum covered the new brackets as a top story Friday. Many said the move was made to avoid so-called "bracket creep," which happens when cost-of-living adjustments or raises push workers into higher brackets, even though their standard of living may have stayed the same.
Featured Coverage of this Story
STEFANI REYNOLDS/AFP via Getty Images
The IRS on Thursday announced higher inflation adjustments for the 2024 tax year, potentially giving Americans a chance to increase their take-home pay next year.
The higher limits for the federal income tax bracket and standard deductions are intended to avoid a phenomenon known as "bracket creep," which happens when taxpayers are pushed into higher-income brackets even though their purchasing power is essentially unchanged due to high inflation.
The IRS makes such adjustments annually, but in times of inflation, the increases are more significant and impactful for taxpayers.
This year, the tax brackets are...
Millions of Americans could take home more pay in 2024 thanks to inflation adjustments to the tax code announced by the IRS on Thursday.
The changes to the standard deduction and individual income brackets, among other adjustments, in tax year 2024 will apply to tax returns filed in 2025.
One of the principal reasons behind the annual adjustment is to combat “bracket creep,” when inflation pushes taxpayer incomes into higher tax brackets without actually giving workers additional purchasing power. Annual changes to income tax brackets and other provisions are put...
The IRS is introducing new income limits for its seven tax brackets, adjusting the thresholds to account for the impact of inflation. That could provide a break to some taxpayers on their taxes in 2024.
The tax agency on Thursday said it's adjusting the tax brackets upwards by 5.4%, relying on a formula based on the consumer price index, which tracks the costs of a basket of goods and services typically bought by consumers. The 2024 limits come after the IRS last year expanded its tax brackets by a historically large 7%, reflecting...
AllSides Picks
Headline Roundup
Report Finds Traces of Military Insider Trading on Polymarket
August 24th, 2026
Red Blue Translator
Great Depression (The)
Headline Roundup
Trump Signs Order Renaming Lake Ontario to Lake America
August 27th, 2026
Headline Roundup
New USPS Mail-In Voting Rules Take Effect After Courts Lift Injunctions
August 27th, 2026
