Pretax Income Has Increased for the Wealthy
The share of total pre-tax income has sharply increased for the wealthy, but decreased for low-income households.
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The share of total pre-tax income has sharply increased for the wealthy, but decreased for low-income households.
Since its establishment in 2008, the Peter G. Peterson Foundation has been dedicated to advancing solutions to our nation’s long-term fiscal challenges.
https://www.pgpf.org/analysis/the-peter-g-peterson-foundation-progress-report-2008-2011
After months of negotiations, with default looming, Congress passed and the President signed the Budget Control Act of 2011, which raises the debt ceiling and puts a process in place for reducing the deficit.
https://www.pgpf.org/analysis/peter-g-peterson-foundation-analysis-of-the-budget-control-act-of-2011
The growing federal debt could reduce family incomes substantially.
https://www.pgpf.org/Chart-Archive/0203_federal-debt-affects-income
“The national debt is already $34 trillion, but as it grows over the next three decades, we’ll spend more than double that on interest alone,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/03/fci-press-release
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
Sequestration is a budget procedure used by lawmakers to cancel or limit funding in order to meet budget goals.
https://www.pgpf.org/budget-basics/budget-basics-what-is-sequestration
Income growth since 1979 is larger for high-income earners, even when including transfers and taxes.
https://www.pgpf.org/chart-archive/0059_income-growth-disparity
Between 1979 and 2016, income increased more quickly for high-income earners.
https://www.pgpf.org/chart-archive/0060_income-disparity-before-transfers-taxes
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2024, charted out monthly and on a year-over-year basis.