The IRS’s New 2024 Tax Brackets: Inflation Adjustment Could Save Taxpayers Money - The Wall Street Journal

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Your tax bill may be slightly lower next year due to inflation adjustments.Photo: iStock

Here’s an upside to persistent inflation: More of your income will be taxed at lower rates next year.

The Internal Revenue Service announced its annual inflation adjustments to federal income-tax brackets for 2024 Thursday, an increase that slightly outpaces

the current inflation rate. This means some Americans will pay less in taxes, said Jim Young, an accounting professor at Northern Illinois University.

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