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IRS Releases 2021 Tax Brackets: Brackets Will Change If Biden Wins

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The Internal Revenue Service has unveiled the updated tax brackets. These brackets reflect adjustments for inflation and will be applied to the 2021 tax filing year. But a win by Democrat presidential candidate Joe Biden in November will change these brackets.

American taxpayers have been categorized into one of seven brackets depending on income: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent and 37 percent. These rates will go into effect for 2021 and will be employed to prepare your tax returns in 2022.

So, what does that mean income-wise for those filing individually:

  • 37 percent for incomes over $523,600
  • 35 percent for incomes over $209,425
  • 32 percent for incomes over $164,925
  • 24 percent for incomes over $86,375
  • 22 percent for incomes over $40,525
  • 12 percent for incomes over $9,950
  • 10 percent for incomes of $9,950 or less

For those who are married or filing jointly it breaks down this way:

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  • 37 percent for incomes over $628,300
  • 35 percent for incomes over $418,850
  • 32 percent for incomes over $329,850
  • 24 percent for incomes over $172,750
  • 22 percent for incomes over $81,050
  • 12 percent for incomes over $19,900
  • 10 percent for incomes of $19,900 or less

The IRS has, in addition, adjusted the “standard deduction,” which is the deduction used to create a baseline for what is taxable in your income. For those filing as individuals the deduction rose to $12,550. For married couples or those filing jointly, the deduction jumped to $25,100.

There will also be an increase in the deduction heads of households can take. That deduction will be $18,800.

Democrat Joe Biden has said, both in the debates and on the campaign trail that he will rescind the Trump tax cuts.

Under the Trump tax cuts, the average family of four making $73,000 a year saw a 60 percent reduction in federal taxes, approximately $2,058. The conservative Heritage Foundation calculated that the typical American family will be about $45,000 better off over the course of the next 10 years because of higher take-home pay and a more robust and sovereign economy.

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About the Author:
Frank Salvato is the co-host of the Underground USA podcast and host of the National File podcast RightMinded. His writing has been recognized by the US House International Relations Committee and the Japan Center for Conflict Prevention, and has been published by The American Enterprise Institute, The Washington Times, Accuracy in Media, and Breitbart. Mr. Salvato appeared on The O'Reilly Factor on FOX News Channel and is the author of six books examining internal and external threats facing our country. He can be heard twice weekly on “The Captain’s America: Third Watch” radio program syndicated nationally on the Salem Broadcasting Network and Genesis Communications affiliate stations.




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