About Half Of Americans Don’t Know What Tax Bracket They’re In

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%.

https://www.nerdwallet.com/blog/taxes/2018-tax-report/

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