The Congressional Budget Office (CBO) has published a report titled “Projected Changes in the Distribution of Household Income, 2016 to 2021.” The report presents the CBO’s projections of the distribution of household income, means-tested transfers and federal taxes in 2021 and compares them with the actual distributions in 2016. (2016 is the most recent year for which data was available when this analysis was conducted.) Regarding federal taxes, in the projections, “all income groups’ average federal tax rates are lower in 2021 than they were in 2016; the largest percentage-point decreases are in the highest-income households’ rates,” CBO said. Read the report here: https://bit.ly/2tFp489 Call or visit our website for more information! www.mjscpa.com/
