IRS Releases NEW Inflation Tax Brackets: What This Means For You!
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- เผยแพร่เมื่อ 9 พ.ย. 2023
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![Budget 2024: Capital Gains Tax is Increasing [Canada]](/img/n.gif)
I made this video to explain how tax brackets work in the USA (I hope it helps!): th-cam.com/video/qvZr9SgwJYI/w-d-xo.html
Were any of these changes due to Congress?
Currently Senators make an average of $193,000 yearly & on average work about 123 days per year equalling $1,569 per day vs. Minimum wage @ $7.25 x 8= $58 daily.
Haves/Have nots
The govt needs us to pay more taxes to fund their endless war machine
The govt needs us to pay more taxes to fund their endless war machine
So Brian, how many months do we work now just to cover our federal taxes? Still April?
Social Security should NOT be Taxed!!! we PAID taxes already!!!!
Exactly.
How about income taxes. That's criminal. We're gonna tax your already taxed income.
You trusted the Democrats who say they want to help people? How much longer will people trust them before they wake up and realize that the Dem's aren't the people's friends?
How else are we gonna fund wars?
@@blacktiger0095and once you turn it around to spend it on anything, we're gonna tax you again.
The saying for 2023 is “I’m making more money than I’ve ever made, but I’m the brokest that I’ve ever been”. 😢
Truth!
Mostly because most people in this country don't know how to live within/below their means. They don't know how to budget, they spend on BS just to impress others, get themselves into monthly payments they shouldn't have to begin with etc.
Maybe for pay check to paycheck ppl
@@kingpenkevlar2215 from the numbers, that’s more than half of Americans. 62 percent
Yup!
Allowing the government to calculate inflation is like allowing the mafia to report on crime stats.
Right!😂
Exactly.
😂
Lol
But they wont go for the mafia.......😂
We are sick of paying for government overspending, especially for wars and their money laundering.
It makes us more dependent on credit as we lose savings and rely on debt financing to enrich the banks, thereby making American families even poorer.
Agree!!!
Then goto your employer and file federally exempt
They increase taxes to continue pocketing our money. Staching it away in foreign banks.
The Chinese launder money not the government.
We should be taxing the government along with charging interest for using our money for non-citizen use!
Best comment by far
We should tax the government for taxing us on money we've already paid taxes on.
Right. Let’s just get all the conservatives and liberals to team up on this. Keep dreaming people living in the divided people of America
Nah, I say if they still want to send foreign aid. Each and every yes vote needs to put forward 10's of thousands of dollars of their own cash up on it. If they really believe in the cause, put their money where their mouth is. Prove it!!! They got to post the bank statement as well to prove it. No sudden transfers from unknown sources for the money, it needs to have come from their account. We will see how helpful they are when its their money being sent. Don't get me wrong, I am all for helping someone out when I have the means. But I can't help if I am already trillions of dollars in debt already and billions of dollars just for this year.
I totally agree
IRS needs to be abolished
Of course rich asshole not wanting to pay your fair share
100000% yes
😂😂😂😂😂😂😂😂😂😂😂
Not 10000% but 10000 times
Why?
I've NEVER seen salaries rise with inflation...at least not for the average person. Goods and services increase while pay remains stagnant.
Right, how realistic is it that salaries would also double in 1 year, from 50K to 100K??
That’s because they won’t stop creating new money…when they inflate the currency through money creation it devalues the dollar reducing its buying its buying power. So not only do you not make more money…your money now also doesn’t buy as much. They’re criminals.
@@kaythegardenerit would be for people who might have gotten better paying jobs.
Pay goes up if you are in commission sales
Exactly. My rate of Pay literally stayed the same...and I worked for the State (now laid off due to "budget cuts")
I realized this years ago when helping my Grandmother. Her social security got increased, then her part B Medicare cost went up, her subsidized rent went up, her access to food stamps was cut and she was worse off than before the raise. Hasn’t changed.
Taxing social security is crazy 😂 paying tax on the tax
There shouldn't be social security. When social security was created the average person died at 59 years old and couldn't collect until age 65. If we want to keep social security then people should not be allowed to collect until 80 or 85.
@SomeUserNameBlahBlah So basically you want most people to work to death before collecting ss.
We already do that. Our income gets taxed and everything we buy gets taxed again and according to new IRS laws now they want to tax you again if you sell more than $600 worth of used goods.
No funny its maddening
@@SomeUserNameBlahBlah shouldnt be any income tax either - but here we are. Sweet red hearing argument though 🤡
In this day and age, 60k for a family of 3 equals being broke . I don’t know if the government takes in consideration the average fix cost of living in each state. Housing , food , transportation, health insurance are all fix cost which should normally be accounted for when making these tax brackets seriously
They do know. And they don’t care.
@@cyndeepokorny3413 they don't know. they have never struggled. the idea is as foreign as you can get. it is like asking you how it is living on the moon. how would you know?
Wish I had health insurance ugh.
@@BIGxANDxFAMOUS because statisticians and economists are telling them but the gov'ts job is to keep the 1% happy. as long as you plebs dont revolt they will keep taking advantage of the poor
They don't give af about us. It's hunger games out here
My wake up call about my own tax bracket was the year I could no longer claim my kids as my dependents. It was the first time Uncle Sam kept most of the taxes. Literally. Now I know why many people cry about how much the government is taxing us.
If the federal government has money to give to foreign countries instead of America first, then the federal income tax should be abolished since we are taxed way too much.
There is no law that requires us to pay income tax.
The worst part is how they actually spend the taxes we all pay
Actually the worst part is how they spend the money beyond our taxes. 30 trillion deficit WTF
Congress launder it into their personal wealth.
And the system has been going on for so long that it can’t be corrupted with
Illegal aliens first!!! Israel first!!! If you don't like either, you are an anti-Semite according to the communist at the ADL.
Indeed. Almost $1 trillion in defense EVERY YEAR! And many of the wealthiest individuals and corporations don't pay their fair share either.
Currently Senators make an average of $193,000 yearly & on average work about 123 days per year equalling $1,569 per day vs. Minimum wage @ $7.25 x 8= $58 daily.Haves/Have nots
That's pocket changes, most of their income came from "dealings"
@@tdgdbs1 Yeah, the good old money laundry book deal..... and pay me to come and talk at some fancy woke political dinner! Lmao 😅 🤣 😂 all politicians Are silver spoon scumbags, looking for an easy life. So they don't really have to work hard!
Americans are to blame. Americans keep voting in people who have shown they don't care about dojng anything to improve Americans lives.
You left out FTX bribes. Insider trading and bribes from our enemies
yes because they have to wear suits
Honestly, I'm in love with this man. Tax stuff like this can be pretty boring if not tedious, but he makes it easy to understand and I'm so here for it.
good for you lol
Unliked just to like again 😂
Love that Brian’s TH-cam has blown up since the pandemic. Very happy for you. Always real straight content 👍🏾☺️
I did the math and I'm estimated to save $12 on taxes this year. Life changing
congrats!
don't forget you're also saving 17 cents on your thanksgiving meal this year.
Families are struggling to pay increased prices on goods & everything! 😢
I think this tax savings goes in to affect on 2024 tax year, not 2023 year
I will if you add that to the .20/gal of gas savings you’re now receiving off the record high of gas, you should save an additional $20/year.
That will be you one loaf of bread. Congrats!
IRS needs to be audited
IRS needs to be abolished.
Absolutely Abolished
The IRS is the most corrupt agency in the US Government. They target certain political parties without repercussions.
No IRS, No taxes, no government and the country ceases to function. Bright idea. How do you think the government makes their money?
@@MrX8503The Gov functioned just fine before the IRS was formed and income was taxed.
We need all those taxes so we can send it overseas for aid and wars while seniors can’t feed themselves. 😢
We don't send money for wars we send old equipment that would cost MORE to decommission that it is to send over
The politicians love oversea wars because their investments in military corporations are increased plus they're able to easily launder money when tax dollars are sent overseas.
@druvewayhero you really have zero clue…. We sent billions to Ukrainian and Israel this year alone. Please do some research before you spread misinformation.
We keep an allotment of our illegal immigrants , gata take of them.
We need to Audit the IRS! All of the money collected is not being allocated appropriately. I'm not seeing the tax money of my hard earned dollars being applied to enhance quality of life for people in the US. I guess this is why so many come here illegally and receive payment in cash for their work.
Except farmers. Their lives are enhanced very well by our tax money plus many of them deduct EVERYTHING (houses, utilities, vehicles, etc.) that the average guy can't.. I know because I live among them & all their homes, which are owned by their farm corporations. Even foreign-owned farms qualify for farm subsidies.
@@just_breathemillionaires/billionaires, yes. But not small farmers. They go broke every day, b/c it's rigged for the wealthy.
I am lmao file exempt federally
@@just_breatheI mean farmers are important they deserve it but not foreign owned farms that’s dumb
TALK TO YOUR POLITICIANS!!! They are the ones spending your dollars not the IRS!
I never understood why the freaking bracket % goes from 10, 12 to 22 all of sudden..... Government = Legalized Gang
🤬 MONEY LAUNDERING
There used to be, it was changed in 2016-2020 by the worlds best business man.
Because you can reliably get poor people (who there are many more of) to support higher taxes on people that make more than them
So they can screw the largest group of people, the middle class. Welcome to the hardworking poor.
Bingo
Interesting that the government admits that inflation for 2023 was 5.4% but when it comes to Cost-Of-Living-Adjustment (COLA) for Social Security distribution the inflation rate for 2023 was on 3.2%??? Great point, Brian, about how the SS income thresholds NEVER increase!
thy gave COLA 8% increase last year
@@MrUGA2010 Real inflation was 17.5% that year. Coincidentally nearly the same amount the stock market went up.
The fluff the numbers so bidens administration looks good. Knowing its the worst
@@philfortner1805Things that make you say "Hmmm."
How much do you think you have contributed in your working life?
Yes, we are being cheated. Thank you for the authentic, helpful knowledge. You are appreciated!😊
Worse. Income stayed the same. Taxes stay the same. But expenses doubled, in some cases tripled. (Home insurance, car maintenance, and school fees/tuition)
No taxation without representation. And we aren’t being represented in the current government, especially not the IRS!
Yeah where's our birth certificate money at!?
@@mikael557 🤣
@@mikael557 no such thing... It's the social security contract that creates the $$$$. Stop signing your children up for an SSN
Can you explain that further? No ssn?
It would be nice if the government just started controlling it's spending making the need for taxation less.
tell that to the democrats.
bro inflation is global, the entire world is dealing with inflation right now. do you understand the implications of that?@@basstbones
Why would they do that? They’d lose out on the wealth their families carry into generations.
😂😂😂😂😂😂
@@SleepyCS2true… but it would not be as bad if we just stop printing and giving other countries money. If we have less to go around, the eroding effects on the dollar would not be as rapid.
10% flat tax under $250K
15% tax between $250K and $500K
25% tax between $500K and $1,000,000
35% tax over $1,000,000
Why is the IRS charging my $450/week paychecks 22% tax then? The math ain’t mathing.
The IRS isn’t charging your paychecks. That’s up to how you submit your w4 properly. Talk to payroll and check how much you have withholding set at.
Or use the irs w4 calculator
@@JamieGAdaireIRS is federal taxes only not state taxes?
@@JamieGAdairethe most likely reason they would be taking 22% is because you are including Social Security tax deductions, or you have taking zero deductions, or your annual income is high enough that you will owe that much by the end of the year.
Great channel with old fashioned news reporting: just facts and the viewer is encouraged to do the thinking. Love it! Thank you!
Everyone should seriously stop paying taxes they can't jail all of us
At this point I think we need to all go on strike. Because this is ridiculous
lol dude. People are cowards. Look at our world. These elites are destroying our lives, and our childrens lives. They walk around with impunity and act like Kings and Queens with grifting and laundering our money by the Billions. You are correct in your statement, but people are cowards and will wind up in chains before that happens.
@@1Percent_factslook at the strikes. They worked!
Can’t jail us if they have no tax dollars for police and prisons
How?
I don't have to imagine everything has doubled.
If capital gains are taxed at 100%, capital losses should be deducted at 100% and not limited to $3000 per year
We've been watching your videos for years. Love you. Much support from Arizona and Texas 😘
We need to all stand together along with Corporations and not pay it. Exactly, can't jail us all. I think we can all agree our government isn't spending the money for our wellbeing.
You first😂
good luck getting modern day humans to cooperate for their own good
Be careful now, remember back on big construction projects, there were those that were convinced that it was unconstitutional for government to impose tax. They didn't file. It all caught up and all paid back taxes with penalties. I saw it first hand. Be careful.
“With corporations”
Corporations: We pay taxes?”
🤣🤣
@@tiberianexcaliburthe government IS the corporations 😂
It was educational and depressing. So frustrating how our government continues to burden us unjustly, spend to serve themselves and their rich friends, and continue to lie.
"You will own nothing and be happy."
No taxation without representation!!!
Well people need to stop voting for idiots, we the people are putting these crooks into office. They bring corrupt policies with them.
As of 2012 it's legal for them to lie to us. That's why nobody is held accountable. It's called the Smith Mundt Modernization act of 2012.
Americans always choose to be gullible childish Dupes who react to getting A$$-Phukt by pulling their butt cheeks wider apart…INSTEAD OF FIGHTING BACK like self respecting honorable people do.
I love that the increase how much we can put in our IRA, but we have less money than ever to take advantage of that. 😡
Facts brother thanks for the update. This is madness.
This scares me so much, I’m already struggling to stay afloat 😢
I might just go chill with the homeless or go to Tanzania. Why bother to work for your money taken for wars and corrupt government stuff???
Wait until next year, I hear that's when the fun starts for all of us.
@SomeUserNameBlahBlah election year drama- prepare !!
How many kids do you have?
@@pearlsswine 3
No one should be taxed under $100,000. Then it should be 10 percent from there on
That's a nice dream!
LOL no and don't worry after they go after the wealthier people they will come for the middle class and bottom
Then they will inflate the money so one million is equivalent.
Everyone uses roads and rely on the US military..everyone needs to pitch in
@@stalepradlmfao the majority of the roads aren’t even maintained properly gtfo with that crap. They actually damage your car even more
Thank you for notifying your viewers about these changes.
Thank you so much for bringing this info to light and making it make sense - appreciated ❤
Thank you Brian. I'm so burnt out on the US BS that I moving to the Philippines. I'm retiring soon and can't afford to live in my country. Pretty sad state of affairs.
Enjoy your new home 👍🏼
Is it cheaper than Mexico?
Move you out..move cheaper labor in
Philippines has inflation too. But still cheaper here.
The United States taxes its citizens anywhere in the world that they live. The only way to end the taxation is to renounce citizenship and even that costs money.
The first 3 brackets need to be zero percent.
It doesn't matter lol after they get the money from the wealthy they gonna come for the middle class and lower class i worked for the IRS for years it's a SCAM it's flowing to peoples pockets
I honestly disagree. I don’t mind paying SOME taxes… as I believe it’s necessary for things like public protection, roads, and military. Those things can’t exist without everybody paying SOME taxes. It’s the rich that use every deduction and loophole possible to pay zero taxes that drive me insane.
It shouldn't go that quickly. Larger brackets and then when it hits 1 million start at 40%
I havent seen you since covid news, glad to see you are still doing this news!
Thank you for putting the time to make these videos to explain this. Please continue to keep posting. I hope you keep posting to keep people like us informed in an easy explanation.
As one of my favorite preisdents has said regarding taxes, the more taxes we pay the more we work for the government and less for ourselves and families.
Which president said that
@@dirtydan6098 Calvin Coolidge
Does it really matter? He was right.
@@MechE11B how in the world did my question trigger you? I just want to know which president said that to be more knowledgeable
Reagan?
I wish our education system prepared us for all things money related. Thanks Brian for your knowledge and willingness to educate.
They don't want you knowing !
@@newjazzmusic7078This. Our economy relies on suckers going into debt for consumption.
@stevecooper7883 it's true
The amount of suckers in the USA is scary
They busy teaching indoctrination, not lessons for life 😮
same gov't always cut funding for ed. which is why this happens so Americans can remain uneducated
Thank you for speaking out!! Something must be done
Thank you for this brilliant video, it is so honest and accurate.
Social security should never be taxed
SS by itself is non taxable
Property tax shouldn’t exist, why the fu*k should anyone pay taxes on something they already paid for
@@clairvoyantcrypto4577 Property tax has nothing to do with SS That’s a different channel
So our taxes are going up :( don’t we already pay way to much
Government likes spending it.
And we did NOT vote for most of it...
Gaza, Israel, and Ukraine need your money
-IRS
@@DR-oy9wcthis is how it feels honestly
See my above comment, taxes will actually go down on average. Based off standard deduction going up and tax brackets far outpacing average wage growth.
I learned more here than I ever understood when filing my taxes. Thank you!
Great breakdown video, I was hoping they would increase the standard deduction and lift the 10k real estate tax cap in NJ.Hopefully that will be coming soon
But the media is telling everyone that inflation doesn’t exist and the economy is better than ever!
Thanks for the update Brian!
Lol it definitely ain't...
I've never heard anyone in the media even suggest that...
The economy is doing fine though...
The media actually keep telling that inflation is good for the economy; deflation is bad.
Exactly, because look who the mainstream media is owned by 😂
@@mikael557 Who?
12-24% might not even sound that bad especially because we have the standard deduction but we also pay half the payroll tax(7.65%), double if self employed, local tax (about 8-10%), and state property tax which is around .5%-1% of the property which is usually about 4-8% of the average income this get pass on to you by your landlord. Yeah, we pretty much have pay the government rent before we can take shelter, feed, and cloth himself.
Then also 8-11% sales tax on anything you buy with the same dollar that was already taxed for being income.
Dollar ain't shit
It’s worse in states like California which tack on up to 13% to that rate.
Just smoke crack and be homeless….
I’m from California and only millionaires and homeless crack heads are happy….
Plus the invisible taxes that the corporations have to pass down to the consumer. Corporate taxes = income tax. Plus gas tax, licenses, etc.
ClearValue Tax thank you for these updates brother!
Thank you so much for the information and your explanation.
The more I work the more I think that the IRS isn’t the problem. It’s our elected officials who keep spending money we don’t have, and we blame a faceless organization. We gotta get our representatives to quit spending money we don’t have so we can spend less on taxes. So much money wasted everywhere in the government.
True. God will judge.
Biden gave billions to WAR ! Anybody who voted for Biden needs mental help! Every was cheaper under TRUMP !
We have money just not for Americans
It’s the FED. When we had gold currency, they couldn’t inflate it! The banks got seething mad and pushed to start the fed.
It’s not spending me we don’t have- that would be impossible. It’s radically and irresponsibly spending the money we do have.
Im really sick of the government. Always screwing us over. No matter how hard i work to save or work to make more to provide for my family. Im always behind because of nonsense like this.
Isn't the government these people we vote into congress?
Thank you for helping me become more informed!
We need activist lawyers to go to battle to show how unconstitutional taxes are. Everyone needs to start filing as exempt.
And the government needs to be forced to go back to collecting revenue from tariffs and bonds.
Isn't taxation literally in the constitution..?
@@RyanBreaker income tax wasn't
That was created because of WW1 and Prohibition.
@@jackalenterprisesofohio Still the language therein doesn't prohibit an income tax. I'm not even trying to defend the idea of an income tax, just the statement of calling it "unconstitutional" is totally wrong.
Please, how do we STAND UP to these predators?!?! I’m serious!!! This just pisses me off to no end!!! We ARE already struggling and we need to do something about this.
Stop paying them
Let’s stop paying taxes!
Let’s do it !
We NEED TO REALLY UNITE AND STOP THIS MADNESS!!
Only way to stop paying is to stop working, business will not stop paying the government.
Your job takes out the money and sends it to the irs.
Every one needs to stop working.
No, bracket is still too low. We're paying 20% to 50% more for just about everything.
They are outright lying about the real inflation rate. The are taxing us to death then sending it off shore where they can launder it back into their personal wealth via corporations and shell companies. So sickening.
Thank you Brian
Very educational! 💯 Thanks for sharing!
You'd think with the additional $79 billion in funding, they'd be able to adjust the entire code for inflation, rather than just the income brackets.
Brian- thank you for all that you do!!!
Excellent job explaining the IRS changes due to inflation in our 2024 taxes. Very educational and value added.
Thank you Brian, was very helpful 🙏
Since when has the IRS done anything fair?
The more informed I am, the more depressed I get. Not your fault, Thanks Brian
Thanks for always educating us 💕
Yes; revelatory and educational. Nice job.
Hi Brian. Your videos are always so valuable. Today's video is an awakening. Thanks for all you do and your explanation of things. ❤
The same is going on with programs that are suppose to help the poor like food stamps. My cost of living increase last year for SSI went over the limit for food stamps. Bottom line, they save money by helping fewer people.
If you need food your family should be helping you not the government. People use to understand this…
Stop relying on the government for everything and this would be an issue
@Crow44195 The nuclear family has been disintegrating for decades. Most people don't have anyone to help in times of trouble. The number of never-married individuals is growing at an alarming pace. Our society is breaking down.
True, society is breaking down
this is the channel i visit when i want the truth about anything tax related, period. always good information to have. thank you.
Thank you for educating us.. this is valuable information
I quadrupled my income this year and now im paying more in taxes than i made in total before. The increase is so exponential
But morons will continue to say that we need to tax people more instead of reducing spending.
Morons that can vote.
Don’t look at your health insurance as you migrate from subsidized to subsidizing.
Felt good to make so much more, then to realize you really aren’t (after doing taxes)
Congratulations on your success
@@TrevForPresident good news is company paid insurance
Thanks Bryan for bringing the truth to the public. Now my follow-up to this is how do we fight back if we’re not happy? I would appreciate you sharing that info too if you know of any!
The answer is vote but that’s not easy
Vote for actual fiscal conservatives. If there’s enough of them to actually influence things, they’ll reduce the national debt and generally will go for less taxes too. Draw back will be reduction in public services (money has to come from somewhere).
I aslo suggest that we all write letters to our congressmen to share our thoughts and stop the looting and manipulation. Slaving should of been left in the past it's now getting worse
You need to stop voting in people based on your emotions and just go for the person who will actually lay out specifically HOW they will fix things rather than some politician saying they WILL but have no plan.
@SignalLost730 just because they lay out how they will do it dosent mean it's going to get passed
Thank you for all the info ❤
Love the creativity of this TH-camr 😂 but for real, good stuff!
5.4% change but inflation is higher so bottom line is more taxes for all.
We need a tax bracket between 12% and 22%
we need to stop paying taxes, idiot
TOTALLY agree especially because many people fall right in between those brackets but the IRS knows that which is why they have it structured the way they do.
You clearly dont know how it works 😂
You clearly are unnecessary.
@@mcnutterfudgn you clearly do not understand how it works.
It’s not inflation that hurts. It’s the taxes.
I can see your frustration, and I agree 100%.
Thank you Brian for the Truth. I am glad somebody stood up and pointed the finger at these horrible decisions made by this so-called free nation "We the people" live in.
Yes, the inconsistencies (or non-adjustments) for tax brackets, etc., are not fair. Good tax planning is so very important, perhaps more so for seniors. Good video, well presented.
Thank you for your videos.
I really like u.i just found ur video right now. but u explain very well very easy to follow and love ur facts based attitude ❤❤❤
Abolish the IRS. up until the time the IRS was created no one paid taxes on wages, people paid taxes on profits but not wages. The fed has an unlimited charter, repeal that unlimited charter and give congress some actual power to govern the fed and if that doesn't work do not renew the charter.
Ideas like that usually end with dead presidents.
Orange Man Bad was taking about bringing this back. No tax on income.
Too bad it will never happen
@@Tay04723 With the current attitude in DC it won't until the government comes financially crashing down, that will happen when no one buys bonds any more, and with china starting to dump them it could be sooner than later.
Happy Friday Brian! Thanks again for such accurate info!
Love your information! Thank you!❤
New subscriber. Thank you for this
Defund the IRS
Inflation has raised prices 30% in the past 3 years not 5%. tax brackets only changed by 5% so we are still paying 25% more roughly.
They set the tax brackets for each of those years too. In 2021 is was raised 0.76%, '22 by 3.27%, '23 by 7.1% and now for future 2024 by 5.45%. Those corrections compound to about 17.5% through 2024.
Exactly
45% inflation since January 2020; according to the USD M2 Supply.
Valuable information. Thank you!
I watched this man at 100k subs now almost 2 mill damm time flies. Also awesome progress
My friend works for the IRS. They are currently investigating everyone that took PPP loans and beginning to make arrests for those who got money by falsely stating they had businesses. If this is you, you need to run
I hope so
Great content. We need a new tax code that is fair. We are over taxed and they use our money to fund wars and aid politically. We don't agree to that!
Not to mention all those covid bonuses for rich people to buy lambo's
Then vote different people in. We can't expect different times when we keep installing corrupt representatives.
No taxes is fair.
Thanks for the information bro