NORFOLK, Va. (WAVY) – Your tax bracket is changing, but the Internal Revenue Service (IRS) says your tax rate may not change.

Every year, the IRS adjusts tax brackets for inflation so if your income increases slightly, you won’t be pushed into the next income bracket and may not have to pay higher taxes.

“As inflation sort of pushes prices up, on average, prices have increased in the past few years. Incomes naturally sort of increase with that as well,” said Jay K. Walker, an associate professor of economics at Old Dominion University.

If you earn the same amount or less, your rate may decrease.

“So, it’s possible that some people could be better off if their income didn’t change. So, while I’m sure people would prefer that their incomes went up, the idea is your income may have gone u

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