What's New In Tax

Here is a summary of recent income tax—and some non-income tax—changes. Individuals Tax Brackets And Tax Rates  The 2023 tax brackets increased by 6.3% to account for inflation. There are no changes to tax rates for 2023. For 2024, the alternative minimum tax (AMT) system has changed significantly. Part of the change is a new tax rate of 20.5% (up from 15%) and an increase in the AMT exemption to $173,000 (up from $40,000).  Basic Personal...