Here's who is saving the most money from Trump's tax cuts. (via CNBCMakeIt)
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, 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. Past reports have found that the tax cuts disproportionately helped the richest Americans. Although "individual income taxes as a percentage of personal income fell slightly from 9.6% to 9.2%" between 2017 and 2018, according to a"Most of the tax cut went to businesses and higher income individuals who are less likely to spend the increases," reads the report.
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