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Family spendable income dips from inflation and taxes
The Tax Foundation reports that in 1983 a four person family earning 24,100 faced 13 percent less spendable income than in 1973 dollars. Inflation halved purchasing power since 1973 while federal taxes and Social Security taxes rose sharply. The low point was 1981, with a slight rebound in 1982 and 1983 due to tax cuts, though rising Social Security taxes could erase gains.
MENTIONED IN THIS ARTICLE
Washington
UPI
The
Tax Foundation
Walington
Foundation