2024 Tax Rates Us. The income thresholds for each bracket, though, are adjusted slightly every year for inflation. Income in america is taxed by the federal government, most state governments and many local governments.
As you earn more money, the additional income jumps to a higher bracket with a higher tax rate. Yep, this year the income limits for all tax brackets will be adjusted for inflation, so letโs take a closer look at what tax rates and tax brackets are and how they change how much you pay in federal income tax.