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Here’s who is saving the most money from Trump’s tax cuts

Source: cnbc.com - Sep 24, 2019

The savings rate in the U.S. was 17% higher in 2018 than in 2017, according to data from the Commerce Department cited by the Wall Street Journal, and it has continued to trend upward this year. Part of the increase can be attributed to a boost after President Trump’s Tax Cuts and Jobs Act went into effect. But not everyone has benefited equally, the Journal reports.

“While the latest saving data aren’t broken down by income, some economists say the recent rise is likely being driven by the wealthy,” the Journal reports, noting that an estimated three-fourths of the increase in savings since the tax cut took effect has benefited the wealthiest 10% of Americans.

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Category: General Business