Beginning in 2024, workers will be allowed to contribute up to $23,000 to their 401(k), an increase of $500 from this year. The increase applies to other retirement savings accounts, including the 403(b) plan, most 457 plans and the federal government’s Thrift Savings Plan.
While I totally agree with this, you need to be making quite a bit in order to have an effective tax rate of 30%. I make six figures and don’t even pay that much.
I am at 160 with income tax from the state adding 5% on top of federal taxes in NC.
It is about where I am at all things said and done if I didn’t practice tax mitigation and tax deferred account max outs.