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It appears that when personal tax as a percentage of personal income goes down, deposit balances go up and vice versa, according to Market Rates Insight.

The research firm found with the enactment of the Economic Growth and Tax Relief Reconciliation Act in June of 2001, personal tax decreased from 14.76% to 9.23% in August, a decrease of 5.53% according to data from the U.S. Bureau of Economic Analysis. During the June 2001 to August time period, deposit balances increased from $4.3 billion to $7.6 billion, according to data from the FDIC and MRI.

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