Nonwithheld Individual Income Tax Receipts: Boosted by the End of Payment Delays, But Overall Still Down from Last Year’s Amounts
Posted on July 31, 2020 Summary Nonwithheld tax receipts, which include final payments with tax returns and quarterly estimated payments, boomed in July, but only because of payments that were allowed to be delayed from April and June. Looking more appropriately over the April-July period, which was largely unaffected by the payment delays, nonwithheld payments […]
Total Federal Revenues are Rebounding with the End of Payment Delays
Posted on July 26, 2020 Here’s a one-paragraph post for a change. The IRS is still counting the money from checks that taxpayers remitted with their 2019 tax returns, which were due by July 15. This upcoming week should see the end of that counting. By my calculation, total revenues from all sources for the […]
The Expiration of Allowed Payment Delays Continues to Boost Tax Collections Sharply This Month
Posted on July 22, 2020 The IRS is still counting the money from checks that individuals mailed by the July 15 tax filing deadline, but we’re seeing the reversal of the effects of IRS administrative actions that allowed individuals to defer payments until July 15 that were originally due from April to June. Those deferrals […]
Reported Tax Withholding Surged in the Week Leading up to July 15, But It May Not Be Real
Posted on July 20, 2020 Summary Withholding tax receipts in the week up to July 15 were so large that I think it is very possible that there was a misallocation of tax receipts in the daily revenue data and some of the strength in withholding may really have been in other revenue sources. A […]
Ka-ching: Federal Revenue Coffers are Getting Replenished as Some Major Payment Delays Expire
Posted on July 18, 2020 Federal revenues were very low from April to June, mainly because the Treasury Department allowed individuals and corporations to delay until July 15 remitting amounts for income taxes otherwise due during those three months. Now that July 15 has passed, daily tax receipts are showing a major rebound, with more […]
Tax Withholding in the First Half of July: Continued Improvement
Posted on July 15, 2020 Our measure of federal tax withholding growth shows continued improvement in the first half of July, consistent with further recovery in economywide wages and salaries compared to the bottom of the cycle in late April/early May. We estimate that daily tax withholding was down by about 4 percent in the […]
Jumbo-Sized Tax Payments are Due by July 15
Posted on July 8, 2020 Summary Several tax payment delays end in just a week, on July 15, so that should be a very big day for federal tax payments. Much of that will get recorded by the IRS over the second half of the month. The biggest amounts will result from many taxpayers filing […]
June Employment Report: Improvement in Wages in Line with Daily Tax Withholding
Posted on July 3, 2020 Summary Yesterday’s employment report for June from BLS showed a clear improvement in economywide wages and salaries, which was in line with what we were seeing through the course of June in daily tax withholding. Withholding and wages have a long way to go to return to pre-pandemic levels. Withholding […]