2024 Tax Rates And Standard Deduction Under. The standard deduction for a single person will go up from $13,850 in 2023 to $14,600 in 2024, an increase of 5.4%. 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent.
The budget 2024 announced a rs.25,000 hike in the standard deduction under the new regime. The standard deduction has more than doubled under the trump tax cuts.