2024 Income Tax Brackets Single. The eight percentage points jump from 24% to 32% is large. To sum it up, budget 2024 could see significant changes aimed at making the new income tax regime more attractive by increasing deductions and raising exemption limits, thereby providing greater relief and incentives for taxpayers to switch.

Yep, this year the income limits for all tax brackets will be adjusted for inflation, so let’s take a closer look at what tax rates and tax brackets are and how they change how much you pay in federal income tax. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $609,350 for single filers and above $731,200 for married couples filing jointly.