Code for "Income Declines During COVID-19"

The COVID-19 pandemic caused regressive income declines, but also led to progressive policy responses. Using administrative U.S. tax data, which are a near-universal panel dataset that can track income changes over time, we consider the distribution of annual income declines during the COVID-19 pandemic relative to the Great Recession. We then show how the unprecedented policy response to the pandemic, through enhanced unemployment insurance benefits and stimulus checks, affected the distribution of these declines