2024 Tax Brackets
Explore the IRS inflation-adjusted 2024 tax brackets, for which taxpayers will file tax returns in early 2025.
4 min readProviding journalists, taxpayers, and policymakers with the latest data on taxes and spending is a cornerstone of the Tax Foundation’s educational mission.
As a nonpartisan, educational organization, the Tax Foundation has earned a reputation for independence and credibility. Our federal tax policy team regularly provides accessible, data-driven insights from sources such as the Internal Revenue Service (IRS), the Organisation for Economic Co-Operation and Development (OECD), Congressional Budget Office (CBO), the Joint Committee on Taxation (JCT), and others. For more insights on the latest federal tax policies, explore the Tax Foundation’s general equilibrium Taxes & Growth (TAG) Model
Explore the IRS inflation-adjusted 2024 tax brackets, for which taxpayers will file tax returns in early 2025.
4 min readThe latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.
43 min readHow do current federal individual income tax rates and brackets compare historically?
57 min readReviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor.
9 min readAlthough the U.S. has a progressive tax system and a relatively low tax burden compared to the OECD average, average-wage workers still pay more than 30 percent of their wages in taxes.
4 min readDifferent taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.
3 min readThe state with the highest combined corporate income tax rate is New Jersey, with a combined rate of 30.1 percent. Corporations in Alaska, California, Illinois, Iowa, Maine, Minnesota, and Pennsylvania face combined corporate income tax rates at or above 28 percent.
2 min readIn the United States, individual income taxes (federal, state, and local) are the primary source of tax revenue, at 41.5 percent of total tax revenue. Social insurance taxes make up the second-largest share, at 24.9 percent, followed by consumption taxes, at 17.6 percent, and property taxes, at 12.1 percent.
3 min readThe latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.
8 min readNewly published data from the Internal Revenue Service (IRS) shows that the first round of economic impact payments primarily benefited households earning less than $100,000.
3 min readSome lawmakers have expressed interest in repealing the SALT cap, which was originally imposed as part of the Tax Cuts and Jobs Act (TCJA) in late 2017. It is important to understand who benefits from the SALT deduction as it currently exists, and who would benefit from the deduction if the cap were repealed.
4 min readBiden’s proposal to increase the corporate income tax rate and to tax long-term capital gains and qualified dividends at ordinary income tax rates would increase the top integrated tax rate above pre-TCJA levels, making it the highest in the OECD and undercutting American economic competitiveness.
16 min read