What Is The Standard Deduction For 2024 Taxes. The additional standard deduction for the aged or the blind will be $1,550. In contrast, if the current law is extended through 2026, the standard deduction will be approximately $30,725, and the personal exemption will be zero.
An average family of 4 will pay the equivalent of 9 weeks worth of groceries in higher taxes if the trump tax cuts expire. The top marginal tax rate was reduced to 37% from 39.6%.
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