Every year, the IRS announces new tax brackets, tiers of income that are taxed at different rates under the nation's progressive tax system.

Data: IRS; Chart: Axios Visuals The Internal Revenue Service released its annual inflation adjustments Thursday for the 2024 tax year that will boost paychecks and lower income tax for many Americans. Why it matters: Cost of living adjustments like those on taxes and Social Security payments are seen as crucial, especially as consumers deal with inflation, even if lower than the super-high rates seen in 2022. The big picture: The new tax...