Tax Credits
- Report
The Budgetary Effects of Major Laws Enacted in Response to the 2020–2021 Coronavirus Pandemic, December 2020 and March 2021
CBO describes how two laws enacted in December 2020 and March 2021 in response to the 2020–2021 coronavirus pandemic will affect federal spending, revenues, and the deficit.
- Report
Inflation and Its Effects
CBO addresses how household income is affected when inflation exceeds the growth of labor income, who pays higher taxes when inflation rises, and how high and unexpected inflation affects economic growth.
- Report
The Distribution of Household Income, 2018
In 2018, average household income after accounting for means-tested transfers and federal taxes was $37,700 among households in the lowest quintile and $243,900 among households in the highest quintile.
- Report
Options for Reducing the Deficit: 2021 to 2030
CBO periodically issues a compendium of policy options and their effects on the federal budget. This document provides estimates of the budgetary savings from 83 options that would decrease federal spending or increase federal revenues.
- Report
The Distribution of Household Income, 2017
In 2017, average household income before accounting for means-tested transfers and federal taxes was $21,300 for the lowest quintile and $309,400 for the highest quintile. After transfers and taxes, those averages were $35,900 and $229,700.
- Report
The Effects of Pandemic-Related Legislation on Output
By providing financial support to households, businesses, and state and local governments, federal laws enacted in response to the 2020 coronavirus pandemic will offset part of the deterioration in economic conditions brought about by the pandemic.
- Report
How Dependents Affect Federal Income Taxes
CBO examines the tax benefit of having dependents under current law in 2019 and 2026 and analyzes how three policy options that would simplify dependent-related tax provisions would affect that benefit.
- Report
Projected Changes in the Distribution of Household Income, 2016 to 2021
This report projects the distributions of household income, means-tested transfers, and federal taxes under current law in 2021 and compares them with the actual distributions in 2016.
- Report
The Distribution of Household Income, 2016
In 2016, average household income before accounting for means-tested transfers and federal taxes was $21,000 for the lowest quintile and $291,000 for the highest quintile. After transfers and taxes, those averages were $35,000 and $214,000.
- Report
The Effects on Employment and Family Income of Increasing the Federal Minimum Wage
The federal minimum wage is $7.25 per hour for most workers. In this report, CBO examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income.