Quintile

Effectively no household making less than $28,000 will pay federal income tax – usually about 15% of the bottom income quintile has some tax liability.

“It’s well known that the lowest income consumer is really struggling with inflation, but from a purely economic standpoint, it is the higher quintiles of earners that do the most spending,” Nanette Abuhoff Jacobson, global investment strategist at Hartford Funds, told CNN.