Distribution of Household Income and Federal Taxes, 2008 and 2009

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By Edward Harris (au)
Year: 2012
Pages: 32
Binding Paperback
ISBN 978-1-4578-3515-5

Product Code: 1457835150

Description

The recent recession has had a substantial impact on income, the amount of taxes owed, and average tax rates. Changes in householdsäó» before-tax income and average tax rates in 2008 and 2009 were substantial and differed markedly across the income distribution. Average after-tax income fell notably, owing to a drop in market income caused by the recession that began in Dec. 2007 that was only partially offset by increases in government transfers and decreases in federal taxes. This report extends the Congressional Budget Officeäó»s (CBO) estimates of the distribution of household income and federal taxes through 2008 and 2009, the latest year for which comprehensive data are available, and compares those estimates with estimates for 2007 and for the 1979äóñ2009 period. Tables and figures. This is a print on demand report.

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