Inflation Pushes Millions to Look for a Second Job, but New Tax Adjustment Might Help The adjustments could allow for relief to taxpayers in 2023, particularly those who fall in lower income tax brackets.
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Persistent inflation has caused financial strain for millions of Americans, forcing some to seek a second form of income to make ends meet.
A new report by Qualtrics found that 57% of workers surveyed want to work overtime or extra shifts, and 38% of workers have already looked for a second job, with an additional 14% planning to begin the hunt. The survey was based on over 1,000 respondents who work full time and are at least 18 years old.
"With budgets tightening, workers are searching for ways to meet the rising cost of living, including finding new jobs," said Dr. Benjamin Granger, Qualtric's chief workplace psychologist, per the report.
Workers are also relocating or intending to soon. The survey found that 18% of workers reported moving to an area with a lower cost of living, with an additional 13% planning to do so.
Related: 'Ask For a Raise Now': Salaries Aren't Keeping Up With Inflation. Here's What to Do.
In the survey, 70% of working parents reported that their paychecks were not keeping up with the cost of living, with 47% saying they looked for another job — the highest of any demographic surveyed.
However, there might be some relief by way of taxes.
The IRS announced on Tuesday that it would be changing certain rules to account for the ongoing financial strain brought by inflation. The adjustments could allow for relief to taxpayers in 2023, particularly those who fall in lower income tax brackets.
Married couples filing jointly will see an increase of $1,800, or a 7% bump. The standard deduction will rise to $27,700, from $25,900 in the current tax year.
Single taxpayers and married individuals filing separately will see an increase of about 6.9%. The standard deduction will rise to $13,850 in 2023 from $12,950.
Heads of households will see an increase of 7.2%, and their standard deduction in 2023 will jump to $20,800, up from $19,400 this year.
Related: What New BIZ Experiencess Should Know Amid Rising Inflation
