Federal Tax Collections Set Record… Inflation jumps 5.3%… Household Income Falls… Poverty Rate Rises…

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$3,586,456,000,000: Federal Tax Collections Set Record Through August

The federal government collected a record $3,586,456,000,000 in total taxes through first eleven months of fiscal 2021 (September through August), according to the Monthly Treasury Statement.

The federal government also collected a record $1,829,589,000,000 in individual income taxes in the September-through-August period.

 

Inflation jumps 5.3%…

  • Consumer prices in August rose 5.3% from a year ago and 0.3% from July, the Labor Department reported Tuesday.
  • Both totals were slightly below market expectations, sending stock futures higher.
  • Stripping out food and energy, the consumer price index was up just 0.1% for the month.
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American household income fell in 2020, its first decline since 2011, Census says

American household income fell last year amid the economic hit of the pandemic, reflecting the first decline in median household income since the Great Recession in 2011, according to new data from the Census Bureau.

The median household income decreased 2.9% to $67,500 between 2019 and 2020, the Census said.

The hit to the economic prospects of U.S. workers was underscored by a decline in full-time workers in 2020. The Census found that the number of people with full-time jobs plunged by 13.7 million last year. That is the biggest drop since the agency started tracking this data in 1967.

U.S. Poverty Rate Rose From 60-Year Low, Incomes Fell Amid Virus

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U.S. household income fell in 2020 while the national poverty rate rose from a 60-year low as the Covid-19 pandemic upended the U.S. economy and threw millions out of work.

Median, inflation-adjusted household income decreased 2.9% last year to $67,521 according to annual data released Tuesday by the U.S. Census Bureau. The poverty rate rose one percentage point to 11.4% after having dropped for five straight years and reaching the lowest since 1959 in 2019.

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