Personal Finance and Investing

question everything

(50,076 posts) Wed Jan 15, 2025, 07:12 PM Jan 2025

More bracket on Tax Rate Schedule for 2024

In 2023 and previously, I think, there would be four brackets for each filing status. Now there are seven.

6 replies

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More bracket on Tax Rate Schedule for 2024 (Original Post) question everything Jan 2025 OP

According to this source, there were 7 in 2023: spooky3 Jan 2025 #1

Yes, my mistake. I was looking at the Minnesota One.. question everything Jan 2025 #2

This message was self-deleted by its author surfered Jan 2025 #3

There have been 7 brackets for quite a while, but the rates were reduced .. surfered Jan 2025 #4

Scrap the tax code & start over Its ridiculous. Callie1979 Jan 2025 #5

Our entire tax code is extremely complicated for a reason - to provide special privilege walkingman Jan 2025 #6

spooky3

(37,372 posts)

1. According to this source, there were 7 in 2023:

Reply to question everything (Original post)

Wed Jan 15, 2025, 07:29 PM

Jan 2025

https://taxfoundation.org/data/all/federal/2023-tax-brackets/

question everything

(50,076 posts)

2. Yes, my mistake. I was looking at the Minnesota One..

Reply to spooky3 (Reply #1)

Wed Jan 15, 2025, 07:36 PM

Jan 2025

And the IRS already has a correction for this year schedule. For married filing separately..

Oh well..

Response to question everything (Original post)

surfered This message was self-deleted by its author.

surfered

(6,304 posts)

4. There have been 7 brackets for quite a while, but the rates were reduced ..

Reply to question everything (Original post)

Wed Jan 15, 2025, 07:45 PM

Jan 2025

…in the Tax Cuts and Jobs Act of 2017; however, those brackets sunset 12/31/25 and who knows what they’ll do after that?

Callie1979

(653 posts)

5. Scrap the tax code & start over Its ridiculous.

Reply to question everything (Original post)

Wed Jan 15, 2025, 08:06 PM

Jan 2025

Start with a MINIMUM rate for anyone making over 1 million yearly.
Same with corporate taxes; set a MINIMUM rate to be paid.

walkingman

(9,106 posts)

6. Our entire tax code is extremely complicated for a reason - to provide special privilege

Reply to question everything (Original post)

Wed Jan 15, 2025, 09:23 PM

Jan 2025

to different segments of our society. Instead of equality, there are special cutouts to different segments. That will never change because there are huge numbers of people employed simply to help us taxpayers to navigate the system - accountants, tax preparers, lawyers, and many more.

As we transition to a Oligarchy I expect it to get worse not better - hope I'm wrong. ☮

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