Americans’ disposable income surged in January as the Trump tax cuts began flowing through paychecks, boosting the personal saving rate while consumers held back on spending, according to data released Friday by the Bureau of Economic Analysis.
Disposable personal income rose 0.9 percent in January, nearly triple the 0.3 percent gain recorded in December. The jump reflected a sharp drop in personal current taxes, which fell 3.2 percent — the largest monthly decline in the series in recent memory — as updated withholding tables incorporating the One Big Beautiful Bill Act took effect at the start of the year.
The tax cut legislation, signed by…
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