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  • Writer's pictureHolly Roundtree CPA

2019 – 08/22

The Congressional Budget Office (CBO) recently published a report titled “The Distribution of Household Income, 2016.” According to the CBO, the average 2016 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. The report includes graphical data that includes average federal tax rates by income group and shares of means-tested transfers and federal taxes by income group. The report also examines trendlines within these data categories from 1976 through 2016. To read the report:

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