In his call for Congress to repeal the 2017 tax cuts and increase corporate tax rates, President Biden asked: \u201cAre we going to continue with an economy where the overwhelming share of the benefits go to big corporations and the very wealthy?\u201d Rep.\u00a0Richard Neal, ranking Democrat on the House Ways and Means Committee, said that extending the tax cuts will do nothing but fill \u201cthe pockets of venture capitalists and some business owners.\u201d President\u00a0Obama\u2019s top economist, Austan Goolsbee, said that debates over who pays the corporate tax are \u201can argument about whether making corporations pay more income taxes would trickle down into lower workers\u2019 wages.\u201d
\nBut as\u00a0John Adams\u00a0once\u00a0said, facts are stubborn things. Seven years into the weakest recovery in postwar history, as the economy slumped toward a recession, the 2017 tax cuts and the Trump administration\u2019s regulatory relief sent real median household income soaring by $5,220 in 2019. That\u2019s 49% higher than the previous highest annual gain in 2015 and 11 times the average percentage gain over the previous 50 years. Real median income rose more in inflation-adjusted dollars in 2019 alone than during the entire Obama recovery from 2009-16. The poverty level plunged at the fastest rate since 1966, to the lowest level since the Census Bureau started collecting the data in 1959.
\nThe lowest income quintile saw its average real income rise by 9.4% in 2019, the year after the tax cut took effect. The second quintile (7.4%), middle quintile (6.9%) and fourth quintile (7.8%) all experienced the largest annual income growth in more than a half-century, and the top quintile (7.2%) had its second-highest income growth. The poverty rate in 2019 was the lowest ever recorded for every category, including individuals, families, unmarried women, blacks, Hispanics and children.
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President Biden is calling for Congress to repeal the 2017 tax cuts and increase corporate tax rates, arguing that the benefits primarily go to big corporations and the wealthy. However, data shows that the 2017 tax cuts and regulatory relief under the Trump administration led to significant increases in real median household income, with the lowest income quintile seeing a 9.4% rise in income in 2019. The poverty level also dropped at the fastest rate since 1966.<\/p>\n","protected":false},"author":6,"featured_media":9630,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[492,5052,186,3601,3748,5292,5702,6196,4498,4061,3399,5099,2369,26,5596,3767,658,7194,2294,7890,4773,1823,67,323,4843,3360,3886,5115,1065,3358,5680,1183,618,841,4870,4928,6305,1100],"class_list":["post-9629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-biden","tag-big-corporations","tag-business","tag-business-owners","tag-census","tag-children","tag-committee","tag-congress","tag-corporate-tax","tag-corporate-tax-rates","tag-corporate-taxes","tag-corporations","tag-data","tag-economy","tag-families","tag-growth","tag-history","tag-household-income","tag-income","tag-income-growth","tag-income-taxes","tag-increase","tag-inflation","tag-poverty","tag-president","tag-president-biden","tag-recession","tag-recovery","tag-tax","tag-tax-cuts","tag-tax-rates","tag-taxes","tag-top","tag-trump","tag-wages","tag-wealthy","tag-who","tag-women"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n