Economic Indicator: Personal Income - Putting recent tax cuts into perspective
We have calculated and mentioned in this blog that the average household now has an extra $49.57 in its monthly budget or $247.85 through May as a result of the payroll tax cuts passed last December as part of the acronym-resistant Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. To arrive at this estimate, we started with data from our colleagues at the Bureau of Economic Analysis, who estimated the reduced Social Security contribu