Tax Brackets 2024 And Standard Deduction. The act made substantial changes to the tax code, including expanding tax brackets and lowering the top tax rate, increasing the standard deduction, capping the mortgage. The tax breaks offered to qualifying widow (er)s include a lower tax rate, a higher standard deduction, and some potentially beneficial tax treatment in regard to some investments.
See current federal tax brackets and rates based on your income and filing status. The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025.