Summerlin Benefits Consulting Q&AAnswer
Nov 22, 2024 - 02:07 PM
In 2026, the Tax Cuts and Jobs Act (TCJA) provisions will expire, causing income tax rates to revert to their pre-TCJA levels. This means higher tax rates for retirees: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%, compared to the current 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These changes will also impact income tax brackets, with adjustments for inflation, leading to potentially higher taxes for retirees as their income may push them into higher brackets.
