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Discretionary income is disposable income (after-tax income), minus all payments that are necessary to meet current bills. It is total personal income after subtracting taxes and minimal survival expenses (such as food, medicine, rent or mortgage, utilities, insurance, transportation, property maintenance, child support, etc.) to maintain a certain standard of living. [7]
It includes every form of cash income, e.g., salaries and wages, retirement income, investment income and cash transfers from the government. It may include near-cash government transfers like food stamps , and it may be adjusted to include social transfers in-kind, such as the value of publicly provided health care and education.
An extremely important definition of income is Haig–Simons income, which defines income as Consumption + Change in net worth and is widely used in economics. [ 2 ] For households and individuals in the United States , income is defined by tax law as a sum that includes any wage , salary , profit , interest payment, rent , or other form of ...
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Additionally, the average American household puts 11.8% of its income toward personal expenses and insurance, while those earning less than $15,000 earmark just 1.2%, and those earning between ...
Median U.S. household income per County in 2021 Median U.S. household income through 2019 U.S. real median household income reached $63,688 in January 2019, an increase of $171 or 0.3% over one month over that of December 2018. This article is part of a series on Income in the United States of America Topics Household Personal Affluence Social class Income inequality gender pay gap racial pay ...
President Donald Trump appointed Elon Musk to lead the new Department of Government Efficiency (DOGE) to reduce government spending by up to $2 trillion by July 4, 2026. Read Next: If Trump...
In U.S. business and financial accounting, income is generally defined by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board as: Revenues – Expenses; however, many people use it as shorthand for net income, which is the amount of money that a company earns after covering all of its costs as well as taxes.