Definitions of Income Income Before Taxes (Money Income): Everything including government cash "transfers" from Social Security or SSI, welfare, unemployment,

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Presentation transcript:

Definitions of Income Income Before Taxes (Money Income): Everything including government cash "transfers" from Social Security or SSI, welfare, unemployment, workers compensation, pension, disability, etc. Less Government Transfers: Income before taxes minus government cash "transfers" from Social Security or SSI, welfare, unemployment, workers compensation, pension, disability, etc. Includes capital gains minus expenses Income After Taxes: Probably Less Government Transfers after taxes: I can’t find this figure on Census Website After Taxes plus Welfare Income (Disposable Income): Money income plus capital gains, etc., or Post-Social Insurance Income minus taxes plus cash and non- cash transfers (welfare, food stamps, etc.) source: Kerbo,p. 42

Share of Aggregate Household Income and Gini Index by Quintile by Types of Income : 2005 QuintileBefore Taxes Less Gov. Money After Taxes After Tax + Welfare Lowest Second Third Fourth Highest source: Kerbo, p. 42

Definitions of Income Money Income: Everything but capital gains or "lump sum" payment from unemployment, pension or insurance Market Income: Money income minus government cash "transfers" from Social Security or SSI, welfare, unemployment, workers compensation, pension, disability, etc. Includes capital gains minus expenses Post-Social Insurance Income: Money income plus capital gains; or Market Income plus cash transfers that are not "means tested" (does not include "welfare") Disposable Income: Money income plus capital gains, etc., or Post-Social Insurance Income minus taxes plus cash and non-cash transfers (welfare, food stamps, etc.) source: "The Effect of Taxes and Transfers on Income and Poverty in the United States: 2005 (U.S. Census Bureau: Current Population Reports, p. 2)

Share of Aggregate Household Income and Gini Index by Quintile by Types of Income : 2005 QuintileMoneyMarketPost-SIDisposable Lowest Second Third Fourth Highest Gini source: "The Effect of Taxes and Transfers on Income and Poverty in the United States: 2005 (U.S. Census Bureau: Current Population Reports, p. 6)