The following table contains income and consumption data from FRED* for the second quarter of 2020

The following table contains income and consumption data from FRED* for the second quarter of 2020. *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Title Value Personal Income Disposable Personal Income Personal Consumption Expenditures $20,396.595 billion $18,300.923 billion $13,097.348 billion Since personal consumption expenditures are exceeded by disposable income, the implication is that the second quarter of 2020 saw households engaged in saving The difference between personal income and disposable personal income represents personal tax payments which, in the second quarter of 2020, amounted to $ 2,095.672 billion. (Round your response to one decimal place.) by Given the ratio of personal consumption to disposable income shown in the table above along with the fact that disposable income rises dollar-for-dollar with a tax reduction, it may be concluded that a tax cut will be largely households. saved spent