3 ms·
this drop was mostly caused by inflation No. Median real income before taxes (i.e. income measured in 2022 dollars) dropped by 2.3%. But after taxes the drop w
by rahimnathwani 3y ago
this drop was mostly caused by inflation
No. Median real income before taxes (i.e. income measured in 2022 dollars) dropped by 2.3%. But after taxes the drop was 8.8%.
- deleted 3y ago[deleted]
- spullara 3y agoDo you know how they calculate median real income? By taking into account inflation. "Real median household income fell by 2.3% from $76,330 in 2021 to $74,580 in 2022. Income estimates are expressed in real or 2022 dollars to reflect changes in the cost of living. Between 2021 and 2022, inflation rose 7.8%; this is the largest annual increase in the cost-of-living adjustment since 1981."
- ethbr1 3y agoBoth pre- and post-tax sides are inflation-adjusted to 2022 using C-CPI-U.