In 2013 (latest data), federal taxes on employers reduced the income of U.S. middle-income households by about $4,287. All taxes levied on corporations are ultimately borne by their owners, employees, or customers in the form of lower wages, lower profits, or higher prices. As explained by the director of the Congressional Budget Office (CBO), "The ultimate cost of a tax or fee is not necessarily borne by the entity that writes the check to the government."