Tax Cuts Are No Longer Boosting Gains in Take-Home Pay
Date Pre-tax income percent change from prior year Disposable (after-tax) income percent change from prior year
1/99 6.08% 5.71%
2/99 5.70% 5.30%
3/99 5.26% 4.85%
4/99 4.99% 4.64%
5/99 4.76% 4.40%
6/99 4.61% 4.23%
7/99 4.53% 4.07%
8/99 4.57% 4.12%
9/99 4.44% 3.92%
10/99 5.04% 4.51%
11/99 5.32% 4.81%
12/99 6.08% 5.59%
1/00 7.48% 6.67%
2/00 7.91% 7.16%
3/00 8.42% 7.68%
4/00 8.30% 7.47%
5/00 8.24% 7.52%
6/00 8.44% 7.72%
7/00 9.03% 8.42%
8/00 8.64% 8.13%
9/00 8.81% 8.40%
10/00 7.94% 7.63%
11/00 7.14% 6.82%
12/00 6.21% 5.86%
1/01 5.58% 5.25%
2/01 5.11% 4.70%
3/01 4.65% 4.21%
4/01 4.47% 3.99%
5/01 4.17% 3.69%
6/01 3.81% 3.51%
7/01 2.89% 4.26%
8/01 2.54% 5.80%
9/01 2.28% 4.66%
10/01 2.13% 2.70%
11/01 2.21% 2.97%
12/01 2.28% 3.18%
1/02 1.29% 4.42%
2/02 1.29% 4.68%
3/02 1.38% 4.93%
4/02 1.94% 5.82%
5/02 2.04% 5.96%
6/02 2.12% 5.94%
7/02 1.87% 3.95%
8/02 1.90% 2.08%
9/02 1.82% 2.89%
10/02 1.87% 4.77%
11/02 1.88% 4.69%
12/02 1.89% 4.65%
1/03 2.14% 3.08%
2/03 2.25% 3.06%
3/03 2.37% 3.11%
4/03 1.99% 2.64%
5/03 2.42% 3.00%
6/03 2.62% 3.15%
7/03 3.14% 4.98%
8/03 3.55% 6.04%
9/03 3.89% 4.98%
10/03 4.16% 5.16%
11/03 4.73% 5.72%
12/03 4.93% 5.94%
1/04 4.91% 5.79%
2/04 4.95% 5.82%
3/04 4.90% 5.76%
4/04 5.37% 6.07%
5/04 5.30% 5.98%
6/04 5.08% 5.77%
7/04 4.99% 4.27%
8/04 4.88% 3.50%
9/04 4.65% 4.57%
Source: Bureau of Economic Analysis