Nov 9, 2023 - Economy
Bracketology
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Checking your brackets isn't just for hoops fans in March.
- The IRS today released its own annual bracket, the annual inflation adjustments for the 2024 tax year.
Why it matters: The tweaks will boost paychecks and lower income tax for many Americans, Axios' Kelly Tyko writes.
- Cost of living adjustments like those on taxes and Social Security payments are seen as crucial, especially as consumers deal with lingering inflation.
Context: By adjusting the tax brackets — as the IRS does every year — it is attempting to stop "bracket creep," which happens when inflation pushes taxpayers into a higher income tax bracket without an increase in real income.
