Withheld taxes show that personal income is still declining. One year's withheld taxes through April declined 0.21% from March after being adjusted for inflation. Withheld taxes peaked in December 2007 and have declined 0.91% since then. Before adjustments for inflation, Withheld taxes has grown 2.31% for the first four months of the year compared to a year ago. Core CPI has averaged 2.37%. This is also not accounting for growth on a per capita basis. The U.S. has averaged 1.01% population growth over the last 10 years. Real growth less than 1% would still be negative on a per capita basis.
Withheld taxes gives a real time peak at income. Income is declining consistent with the manner it declined at the beginning of the last recession.
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