New 2024 Tax Brackets Compared To 2024 Vakantie. The amt exemption amount for tax year 2024 increased to $85,700 and starts to phase out at $609,350, up $4,400 and $31,200 compared to tax year 2023, respectively. The income tax brackets for individuals are much wider for 2024 because of inflation during the 2023 fiscal year.

The changes are meant to offset the impact of inflation. Have wages and income kept up with inflation?