Last year, Americans were surveyed about what federal income tax bracket they were in for the 2016 tax year, and 2 in 5 reported that they didn’t know. For the 2017 tax year, this has increased, with almost half of Americans (48%) unsure of their tax bracket.
This year about 1 in 14 Americans (7%) don’t know what a tax bracket is, but this is a slight improvement on last year (10%). Millennials are most likely to not know what a tax bracket is (16%, compared to 4% of Gen Xers and 3% of baby boomers).
The U.S. has a progressive tax plan, so the higher your income, the higher your tax rates. But your income isn’t taxed all at one rate; instead each chunk of income is taxed at a corresponding rate. For example, if you’re a single filer making $30,000, the first $9,325 is taxed at 10% and the rest is taxed at 15%.
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