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Historical Post-Tax Income Estimates using the Current Population Survey Annual Social and Economic Supplement Tax Model
Historical Post-Tax Income Estimates using the Current Population Survey Annual Social and Economic Supplement Tax Model
Working Paper Number: SEHSD-WP2024-23
Introduction
Abstract
This paper summarizes a new historical series of post-tax income estimates derived from the Census Bureau’s Current Population Survey Annual Social and Economic Supplement (CPS ASEC) and the Census Bureau’s CPS ASEC Tax Model. We use the newly released estimates, spanning 2009 to 2023, to assess changes in median post-tax income and for selected post-tax income percentiles. Pretax median income growth outpaced post-tax median income growth. Although both post-tax and pretax income inequality increased, there was no statistically significant difference between increases in these measures of inequality. Comparisons of pre- and post-tax income estimates across the income distribution reveal the relative progressivity of the US income tax system. In particular, these estimates highlight the significant impact that pandemic-era cash payments and tax credit expansions had on post-tax income, especially among the lowest income families.
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Page Last Revised - August 30, 2024
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