Census Bureau Releases New Poverty Data

The 2022 Current Population Survey (CPS) shows the expected rise in poverty statistics, mostly attributed to the expiration of pandemic relief and the temporarily expanded Child Tax Credit (CTC). Real median household income after taxes fell 8.8 percent between 2021 and 2022, while the poverty rate after taxes as measured by the Supplemental Poverty Measure (SPM) increased 59 percent.

Most economists believe these significant changes in after-tax household income and U.S. poverty rates come down to key changes in federal tax policy, including the expiration of the American Rescue Plan Act, which included an expansion of the Earned Income Tax Credit for filers without children and full refundability of the CTC and Child and Dependent Care Tax Credit. The lowest-income households felt the greatest impact.

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