Tax Credits
- Report
The Budget and Economic Outlook: 2024 to 2034
In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP. Economic growth slows to 1.5 percent in 2024 and then continues at a moderate pace.
- Report
The Distribution of Household Income in 2020
In 2020, the coronavirus pandemic and the ensuing federal response had significant effects on the distribution of household income. Income inequality before transfers and taxes increased, but inequality after transfers and taxes decreased.
- Presentation
Trends in the Distribution of Household Income From 1979 to 2020
CBO regularly analyzes the distribution of income in the United States and how it has changed over time. This slide deck presents the distributions of household income, means-tested transfers, and federal taxes between 1979 and 2020.
- Report
The Budget and Economic Outlook: 2023 to 2033
In CBO’s projections, the federal deficit totals $1.4 trillion in 2023 and averages $2.0 trillion per year from 2024 to 2033. Real GDP growth comes to a halt in 2023 and then rebounds, averaging 2.4 percent from 2024 to 2027.
- Report
Options for Reducing the Deficit, 2023 to 2032--Volume I: Larger Reductions
CBO issues a volume describing 17 policy options that would each reduce the federal budget deficit by more than $300 billion over the next 10 years or, in the case of Social Security options, have a comparably large effect in later decades.
- Report
Options for Reducing the Deficit, 2023 to 2032--Volume II: Smaller Reductions
CBO issues a volume that contains short descriptions of 59 policy options that would each reduce the federal budget deficit by less than $300 billion over the next 10 years.
- Report
The Distribution of Household Income, 2019
CBO regularly analyzes the distribution of income in the United States and how it has changed over time. This report presents the distributions of household income, means-tested transfers, and federal taxes between 1979 and 2019.
- Report
The Budget and Economic Outlook: 2022 to 2032
In CBO’s projections, assuming that current laws generally remain unchanged, the federal deficit totals $1.0 trillion in fiscal year 2022 and averages $1.6 trillion per year from 2023 to 2032. Real GDP grows by 3.1 percent this year.
- Report
The Distribution of Major Tax Expenditures in 2019
CBO examined how the benefits from major tax expenditures in the individual income tax and payroll tax systems were distributed among households in different income groups in 2019.
- Working Paper
How Changes in the Distribution of Earnings Affect the Federal Deficit: Working Paper 2021-12
This paper examines how the federal budget deficit would have differed in 2018 under four scenarios that vary the distribution of labor earnings while leaving aggregate earnings unchanged.