New Comprehensive Method for Measuring Poverty and Income Inequality.
This Act requires the Census Bureau to adopt a new, comprehensive methodology for calculating poverty rates, incorporating the CBO's detailed analysis of household income distribution. While the law does not change current benefits or tax rates, the resulting statistics will provide a more accurate picture of economic well-being by including non-cash benefits and a wider range of taxes. These enhanced statistics may influence future policy decisions regarding social programs and funding allocations.
Key points
The Census Bureau must implement a new, more comprehensive methodology for measuring poverty, supplementing existing official measures.
The statistical definition of income will now include the monetary value of employer-paid benefits (like health insurance and retirement contributions) and a broad range of government transfers (including Medicare and SNAP).
The calculation will subtract all types of taxes paid by households, including income, property, sales, and excise taxes, to better reflect disposable income.
Status:
Introduced
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