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The Distribution of Household Income in 2021

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  • Congressional Budget Office

Abstract

In 2021, the federal response to the economic disruption caused by the coronavirus pandemic significantly affected the distribution of household income. Means-tested transfers—which mainly benefit low-income households—were nearly as large in 2021 as in 2020, and federal taxes were lower for low-income households, largely because of temporary tax credits. Nevertheless, income inequality both before and after transfers and taxes was greater in 2021 than in 2020, largely because of a surge in realized capital gains.

Suggested Citation

  • Congressional Budget Office, 2024. "The Distribution of Household Income in 2021," Reports 60341, Congressional Budget Office.
    • Handle: RePEc:cbo:report:60341
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    File URL: https://www.cbo.gov/system/files/2024-09/60341-income.pdf
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    More about this item

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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