2024 Federal Tax Brackets Are Out. Find Out Which Bracket You’re In — and Why Tax Rates Are So High

Source: Foundation for Economic Education
by Jon Miltimore

“I was recently reading the Bible with my kids, and we encountered the passage in which the Israelites are demanding a king like other nations. The prophet Samuel warns them what will happen if they do, and among the warnings is this. ‘He will take the ten-percent tax of your flocks, and you will become his servants,’ said Samuel. Americans are not so lucky. Ten percent is no small amount, to be sure, but a glance at the chart above shows many American taxpayers are paying way more than 10% of their income to the federal government. An individual making $50,000 (after deductions) finds himself in the 22% income tax bracket. From there, the income tax rates only go higher.” (11/14/23)