Kansans’ personal income falls in first quarter of 2013
06/28/2013 10:24 AM
06/28/2013 10:25 AM
Personal income in Kansas fell 1.2 percent in the first quarter from the fourth quarter of 2012, according to the U.S. Bureau of Economic Analysis.
Across the country, the average U.S. personal income also declined 1.2 percent in the first quarter.
According to the agency, the national decline likely reflects expiration of a 2 percentage point drop in workers’ Social Security taxes. Congress had lowered the tax to stimulate spending during the recession. Also, many people pulled income into the fourth quarter of 2012 to avoid anticipated tax increases in 2013.
Personal income includes wages, bonuses, benefits, rent, dividends and government transfer payments such as Social Security.
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