The IRS finally released the tax brackets for 2024, which are annually indexed for inflation. The top bracket is always the strangest as one would think that the filing joint returns threshold would be double the single filer threshold, as it is for the other brackets, but…

The standard deduction will also be going up substantially to $14,600 for single filers; $29,200 for joint filers, with an additional $1,550 or $1,950 for married or unmarried seniors. People will pay no capital gains taxes on gains realized if their AGI is below $47,025 (single) or $94,050 (joint); above that, they would pay taxes on their capital gains at a 15% rate until they reach the 20% threshold at $518,900 (single) or $583,750 (joint).

In other under-reported news… the U.S. Commerce Department released that the American economy grew by a remarkable +5.2% annualized pace in this year’s third quarter. Corporate profits were up +4.3% for the quarter, following an anemic 0.8% gain in the second quarter. Consumer spending rose +3.6%, and the next report could top that, from record-setting sales reported on Black Friday and Cyber Monday. The future is, yet again, failing to conform to what the 24-hour news channels tell us it will be…

*Read about the Founding of SGH Wealth Management in this recent spotlight in InvestmentNews Magazine: https://sghwm.com/advisors-trial-by-fire/