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As was noted above, the CBO has three different income series: market incomes, before-tax incomes (includes the value of government payments and vouchers to people), and after-tax incomes.
To the extent that cuts in the top marginal tax rates of the highest-income people cause any increase in their labor supply--and he must think they do, or else he would not say that the Laffer curve is "obvious"--this added labor supply will cause their before-tax incomes to fall, reducing income inequality.
Less labor means lower output (lower GDP) and lower before-tax incomes for workers.
We take their before-tax incomes from the SCF and apply the existing federal and Ontario provincial tax codes in order to compute their personal income tax payments.
households had before-tax incomes exceeding $50,000; about 15 percent had incomes of more than $100,000 (they're also included in the 44 percent).
12) Further confirmation is found in a survey sponsored by the Investment Company Institute, which found that 25 percent of households that reported owning mutual funds had before-tax incomes of less than $35,000 while another 18 percent had incomes of more than $35,000 but less than $50,000.
Five income categories are defined ($0-$4,999; $5,000-$9,999; $10,000-$19,999; $20,000-$39,999; and $40,000 and above); and those with before-tax incomes between $0 and $4,999 constitute the reference category.
Meanwhile, families in America's poorest fifth-ones that watched their before-tax incomes fall by 5.