5 ways inflation could impact your paycheck next year
CBSN
Many Americans are hoping for wage gains to offset the hottest inflation in 40 years, but there are a number of factors that could impact your take-home pay in 2023. And because inflation is rising so sharply, the IRS and other agencies are changing many rules to account for the increase in prices.
For instance, the tax agency on Tuesday said it's boosting its 2023 tax brackets by 7% because of inflation, a move designed to avoid "bracket creep" — when people get pushed into higher tax rates because of cost-of-living salary adjustments although their standard of living hasn't changed. The IRS is also increasing the standard deduction by the same percentage, which will benefit most taxpayers who use this tax break.
"Inflation adjustments to tax brackets mean that it will be harder for taxpayers to hit those higher brackets, and therefore will have more income taxed at lower rates next year," noted Tim Steffen, director of tax planning with Baird, in an email.
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