Increase in Income Tax Threshold to Save Beneficiaries $50k Annually – Expert

Kalilah Reynolds, financial journalist and educator. Image: Kalilah Reynolds (@kalilahrey)/Instagram

Financial journalist, Kalilah Reynolds, says the increase in the income threshold to $1.7 million will save tax payers $50,000 annually.

Finance minister, Dr. Nigel Clarke, announced the increase from $1.5 to $1.7 million during his opening presentation for the 2024/25 Budget Debate on Tuesday.

She says due to the nature of the tax cycle, the full effect of the increased threshold will come next January.

Kalilah Reynolds, financial journalist and educator, speaking with Nationwide News.