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Inflationadjustment

All articles tagged with #inflationadjustment

finance2 years ago

"Understanding the 2024 IRS Tax Bracket Adjustments and Their Impact on Your Paycheck"

The IRS has adjusted the federal income tax brackets for 2024, increasing the earnings thresholds by about 5.4% to account for inflation. This change, along with a rise in the standard deduction, could lead to a slight increase in paychecks for some workers if their wages remain similar to the previous year. However, individuals are advised to monitor their income and adjust their paycheck withholding as necessary to avoid underpaying or overpaying taxes, especially in light of life changes that could affect tax situations.

via CNBC|
##finance#inflationadjustment
economy2 years ago

"New Year Rings in Minimum Wage Hikes Across 22 States"

As the federal minimum wage remains at $7.25, 22 states and 40 cities have increased their minimum wages as of January 1. Seven states and D.C. now have a minimum wage of at least $15, with more states on track to reach that rate. California has set industry-specific minimum wages, with fast food workers earning $20 an hour starting in April. Meanwhile, 20 states still adhere to the federal rate, and cities like New York City and Denver have set even higher local minimum wages due to inflation adjustments. Voters in various states may soon decide on further increases, highlighting a growing trend towards higher living wages across the country.

via Yahoo Finance|
##economy#federalminimumwage
economy2 years ago

"2024 Ushers in Higher Minimum Wage and Key Legal Changes for New Yorkers"

New York celebrated the new year with an increase in the minimum wage to $16 in New York City and some suburbs, and $15 in the rest of the state, as part of a series of annual increases that will continue until 2026. This increase is in line with a broader trend across 22 states raising their minimum wages, with future hikes in New York to be tied to inflation. The move, resulting from an agreement between Governor Kathy Hochul and the state Legislature, aims to adjust wages in response to cost of living changes, despite some opposition.

via PBS NewsHour|
##economicgrowth#economy
economy2 years ago

"New York Welcomes 2024 with Minimum Wage Hike and Key Legal Reforms"

As the new year begins, New York's minimum-wage workers are receiving a pay increase, with the wage rising to $16 in New York City and its suburbs, and to $15 in the rest of the state. This is part of a series of annual increases that will continue until 2026, when the minimum wage will reach $17 in the city and its suburbs, and $16 elsewhere in the state. The increases are part of an agreement made by Governor Kathy Hochul and the state Legislature, despite some opposition. New York joins 21 other states in raising the minimum wage as of 2024, with future increases to be tied to inflation.

via WIVB.com - News 4|
##economicpolicyinstitute#economy
economy2 years ago

"2024 Ushers in Higher Minimum Wage, Tolls, and Legal Shifts in New York"

As of January 1, 2024, New York's minimum wage has risen, with New York City workers seeing an increase from $15 to $16, and the rest of the state from $14.20 to $15. This marks the beginning of a series of planned annual increases that will continue until 2026, aiming for a $17 minimum wage in NYC and $16 elsewhere in the state. The increases are part of a strategy developed by Democratic Gov. Kathy Hochul and the state legislature, despite opposition from some business owners and arguments from some Democrats that the increases are insufficient. Future adjustments will be linked to the Consumer Price Index to account for inflation.

via Fox Business|
##economicpolicy#economy
economy2 years ago

"New York Ushers in 2024 with Minimum Wage Hike and Key Legal Reforms"

As of January 1, 2024, New York's minimum wage rose to $16 in New York City and select suburbs, and to $15 in the rest of the state, marking the first in a series of planned annual increases. These increases are part of a strategy to eventually reach a $17 minimum wage in NYC and its suburbs, and $16 elsewhere in New York by 2026, with future adjustments linked to inflation. This change reflects a broader trend across 22 states, with New York's decision stemming from an agreement between Governor Kathy Hochul and the state Legislature, despite some opposition.

via The Associated Press|
##economicpolicyinstitute#economy