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

1 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

2 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 Lowest3.61.11.44.6 Second9.07.18.310.3 Third14.813.915.115.7 Fourth23.022.824.022.7 Highest49.755.151.246.2 source: Kerbo, p. 42

3 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)

4 Share of Aggregate Household Income and Gini Index by Quintile by Types of Income : 2005 QuintileMoneyMarketPost-SIDisposable Lowest3.421.503.244.42 Second8.797.268.599.86 Third14.4214.0014.3315.33 Fourth23.0323.4122.8023.11 Highest50.3453.8351.0347.28 Gini0.4500.4930.4470.418 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)

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