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Ep #164: 2024 Tax Brackets are Released: How Much More (or Less) Will You Pay?
Manage episode 387769391 series 2799517
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It’s common to think tax brackets are fixed and only change or adjust when voted on – typically under new legislation. While this is somewhat true, what’s overlooked is within that voting there are year-to-year updates that are cooked in based on various factors. And once enacted, these changes can harm or benefit you. Either way, they sneak up similar to the way price changes at the grocery store or the gas pump do. In today’s episode, we’ll talk about the hard number changes to tax brackets, give examples of hypothetical ER docs and the corresponding tax changes, and even get into an interesting way of using tax brackets as a framework for lifestyle. The takeaway is: knowing the numbers, or leaning on someone who does, can have a massive impact on wealth building.
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