Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Interest rate jitters, political positioning, and a dose of third-quarter corporate results offset each other to keep stocks pretty close to the flat line on Tuesday. Investors have been scaling back expectations for a big interest rate cut by the Federal Reserve in November after several upbeat economic reports.
On the docket for Wednesday: Striking Boeing workers will vote on whether to accept the latest contract. It’s also a big day for earnings. Coca-Cola, AT&T, Tesla and T-Mobile are just some of the names due to report.
In other news…The IRS announced an inflation-adjusted shake up for the 2025 tax year, which should prevent your taxes from going up when you file in 2026.
Related: Veteran advisor reveals different Harris, Trump tax plan impacts
The standard deduction in 2025 will increase for both married and single taxpayers. Married couples filing jointly will be able to deduct $30,000 in 2025, up from $29,200 in 2024. Single filers will see the standard deduction rise to $15,000 from $14,600.
Now that’s not all - taxable income levels are adjusted to reflect the rate of inflation. The lowest tax rate of 10 percent will now be for those with a taxable income of $11,295 or less for single filers and $23,850 or less for married couples filing jointly. At the top end, single filers making at least $626,531 and married couples making at least $751,601 pay the highest rate of 37 percent. Everyone else pays a tax rate of somewhere between 12 and 35 percent.
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These tax rates are temporary by way of President Donald Trump’s 2017 tax cuts. If Congress does not renew them, then rates will stay low for the lowest income - but go back up to anywhere from 15 percent to 39.6 percent for everyone else.
Estate and gift tax exemptions, eligibility for the child tax credit, and income levels on long-term capital gains have all been tweaked for 2025 as well.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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