Tax Withholding Growth Improves Just Slightly in September
Posted on September 29, 2020 Federal tax withholding growth by our measure continued to improve in September, but at a much slower pace than in the prior three months. For September, we estimate that economywide withholding, on a basis that removes the estimated effects of federal tax law changes enacted since March, was 2.0 percent […]
Nonwithheld Individual Income Tax Payments Look to Be Moving Back up in September
Posted on September 27, 2020 Well, it’s not by a lot, but based on the Treasury Department’s daily tax data through September 24, we estimate that nonwithheld individual income tax payments in September have increased compared to those in September of a year ago. Those payments, which largely represent the third quarterly estimated payments by […]
Federal Revenues Down by 2 Percent for the Fiscal Year Through September 17. Down by 1 or 2 Percent for the Full Fiscal Year?
Posted on September 20, 2020 Summary We estimate that total federal revenues for the fiscal year-to-date, through September 17, are down by about 2 percent compared to last year’s amounts at the same point. With only a week and a half to go in the fiscal year, our current point estimate for the full year […]
Employee Payroll Tax Deferral: Potential Effects on Withholding
Posted on September 13, 2020 Well, I feel like we’ve been here before. After employers were allowed back in late March to start deferring payment of their share of the Social Security payroll tax, now employees are allowed to do the same–though it will largely be employers who make the decision. The President’s executive action […]
Unemployment Benefit Payments Are Moving Up Again, But the Financing Source of the Increase is Very Limited
Posted on September 8, 2020 I have three points and three charts about recent payments of unemployment benefits: Total federal plus state unemployment benefit payments are moving up again after dropping sharply in the first part of August, following expiration of the extra $600 per week federal benefit (see first chart below). Benefits are moving […]
Economywide Wages and Employment Continued to Improve in August, But Still Have a Long Way to Go to Get Back to Pre-Pandemic Amounts
Posted on September 5, 2020 Here are two paragraphs and two exhibits about yesterday’s release by the Bureau of Labor Statistics (BLS) of its monthly labor market report for August. The headline was the continued improvement in employment in August, as about half of the total drop in employment at the worst of the downturn […]