The updated tax brackets, released on Tuesday, means that many Americans could fall into lower brackets and save hundreds when filling their taxes. The top 37 percent rate will now fall on individuals earning $578,125 and married couples who earn $693,750. For couples filing in the top bracket, it equates to about $46,000 of income being taxed at a lower rate from last year, saving the filers $900 on their bill. The 35 percent tax now applies to individuals who earn more than $231,250 and couples who earn 462,500. The 32 percent rate for those who earn $182,100 and 364,200 couples. The middle and working classes will also enjoy paying less taxes as the 24 percent rate will now apply to individual incomes of $95,375 and $190,750 for couples, which is about $6,000 per person being taxed at a lower rate from last year. How much will YOU save? Soaring inflation sees tax bills fall by huge 6.7% with Americans getting up to $900 in savings as brackets change across the board to cope with cost of living crisis
In today's broadcast, Bob Barney discusses how Ronald Reagan called inflation the most regressive tax for the poorest amongst us. He also said, " Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man." This broadcast also explores who likes inflation and who it hurts the most.