Archive for the 'Congressional Budget Office' Category

Federal Income Tax Rates by Household Income

Published by Catherine on March 23, 2008 in Bar Chart, Congressional Budget Office, Income - Types of, Tax Rates and United States. 4 Comments

I updated a previous graph, comparing the effective tax rates for the Federal Individual Income and Social Insurance (payroll) by adding Excise and Corporate Income. Additionally, I added the tax rates for the Top 1%. Note: the effective tax rate increases for both individual and corporate income the higher the household’s income, while the social insurance and excise tax rate decreases.

{Click on the image to take a closer look}
Tax Rates 2005 magnifying glass

Minimum household income:
Lowest Quintile $0
Second Quintile $17,900
Middle Quintile $30,500
Fourth Quintile $45,200
Highest Quintile $67,400
Top 1% $307,500

Data from Congressional Budget Office

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Average Income: PreTax vs AfterTax 2005

Published by Catherine on March 16, 2008 in Bar Chart, Congressional Budget Office, Income - Average, Median, Income - Share of, Tax Rates, Tax collection and United States. 3 Comments

I created this graph showing the average income for different household percentiles, comparing pretax income and aftertax income. The minimum income threshold for each percentile is noted in the graph.

{Click on the image to take a closer look}
Average Income: PreTax vs AfterTax magnifying glass

Data from Congressional Budget Office

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Tax Rates: Individual Income vs Social Insurance 2005

Published by Catherine on March 9, 2008 in Bar Chart, Congressional Budget Office and Tax Rates. 2 Comments

Inspired by the tax rate graph in my previous post, I created this graph comparing the effective tax rates for the Federal Individual Income tax and Social Insurance (payroll) tax by household quintile. The Earned Income Tax Credit accounts for the negative individual income tax rate for the lowest and second quintiles.

{Click on the image to take a closer look}
Tax Rates: Individual Income vs Social Insurance magnifying glass

Data from Congressional Budget Office

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Historical Tax Rates by Income Group: Part 2

Published by Catherine on March 2, 2008 in Congressional Budget Office, Line Graph and Tax Rates. 0 Comments

In an earlier post, I had a graph showing the Historical Tax Rates by Income Group using data from Pitketty & Saez. Here is another graph (found on Greg Mankiw’s Blog) which shows historical tax rates by income group but this time the data is from the Congressional Budget Office.

CBO total effective tax rate

Addendum 3/3/08
The large difference between the two graphs is due to the treatment of payroll taxes paid by employers and the corporate income tax. The Pitketty & Saez data assumes these taxes are actually paid by employees and stockholders but the CBO data in the above graph does not include them.

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