America’s middle class had its highest-earning year ever in 2016, the U.S. Census Bureau reported Tuesday.
Median household income in America was $59,039 last year, surpassing the previous record of $58,655 set in 1999, the Census Bureau said. The figure is adjusted for inflation and is one of the most closely watched indicators of how the middle class is faring financially, as the Census surveys nearly 100,000 homes.
The Census said the uptick in earnings occurred because so many people found full-time jobs — or better-paying jobs — last year.
Trump Plans Aggressive Road Show to Sell Tax Overhaul
White House retools communications operation for tax battle
President may visit as many as 13 states in next seven weeks
President Donald Trump plans an aggressive travel schedule, taking him to as many as 13 states over the next seven weeks, to sell the idea of a tax overhaul as the administration tries to avoid repeating the communications failures of its attempt to repeal Obamacare.
With a make-or-break legislative battle looming on taxes, the White House is moving to clean up a disorganized communications operation, said four people familiar with the effort.
The strategy was revealed by top advisers to about 40 allies during a closed-door meeting last week. It calls for the president to visit states he won where a Democratic senator is up for re-election next year, including Florida, Indiana, Michigan, Montana, Ohio and Pennsylvania, said three people who attended. The people asked not to be identified discussing internal strategy.
Trump Will Work With Either Democrats or Republicans to Achieve Tax Overhaul
The Trump administration remains open to forging bipartisan tax legislation with Democrats but will push for a Republican-only plan using the budget reconciliation process if necessary.
“If we can’t get 60 votes, we’re prepared to use reconciliation to get it done,” Steven Mnuchin, the Treasury secretary, said at a CNBC conference on Tuesday.
The comments come as the White House and Republicans in Congress are working to release the outlines of a plan to overhaul the tax code sometime later this month. Mr. Mnuchin said that he remained hopeful that a tax bill could be passed by the end of the year.
Bipartisanship appeared more likely last week after President Trump brokered a short-term deal on the debt limit and government spending with Senator Chuck Schumer of New York, the Democratic leader, and Representative Nancy Pelosi of California, the top House Democrat, against the wishes of his economic advisers.
Mnuchin says considering backdating tax cut to Jan. 1: Would be ‘boon’ to economy
- Treasury Secretary Steven Mnuchin says the Trump administration is considering backdating tax reform to give a boost to the American economy.
- Mnuchin insists that a tax reform plan will get passed this year, despite the fact that Congress has not yet released a proposal.
- He says President Trump’s goal of chopping the corporate tax rate to 15 percent will be tough to achieve.
Treasury Secretary Steven Mnuchin said Tuesday the Trump administration is considering backdating tax reform to the start of this year to boost the economy.
Backdating “is still something we are considering and it would be a big boon for the economy,” he said at the Delivering Alpha conference presented by CNBC and Institutional Investor.
Republicans aim to overhaul the American tax code but have faced various hurdles in their goal of passing a tax reform bill this year. Congress and the White House have not yet released a plan but are working this month to prepare legislation. Mnuchin heads to Capitol Hill on Tuesday to discuss tax policy with GOP congressional leaders, the latest in a series of meetings.
Earlier Tuesday, Mnuchin insisted that a tax overhaul would happen this year.
“We’re going to get this done by the end of the year,” Mnuchin told CNBC, adding that the administration is “super focused” on the goal following the three-month debt limit and government funding extension passed last week.