Tax Withholding Growth Remains Strong in April, but With a Slight Drop-off From March
Posted on April 29, 2021 Tax withholding growth in April has remained strong. We measure that relative to withholding in April 2019–so two years ago–withholding was 11.8 percent higher (see chart below). That measure removes the estimated effects of tax law changes that affect withholding but not wages and salaries (estimated to be small on […]
Excise Tax Revenues Appear to Be Recovering
Posted on April 22, 2021 It is looking like payments of excise taxes are recovering well. The past two semi-monthly payments have improved substantially compared to the amounts from the comparable periods two years ago. We are starting to compare current amounts to two years ago because the most recent payments are way up when […]
The Mid-April Corporate Income Tax Payment Was Surprisingly Large
Posted on April 18, 2021 Corporations paid a surprisingly (to me) large amount of income taxes in mid-April. For the majority of firms whose accounting is done on a calendar year basis, mid-April (Thursday of last week this year) is the due date both for quarterly estimated payments for the first quarter of the current […]
Strong Employment Report for March: Total Wages Jump Up
Posted on April 5, 2021 Employment and wage data for March, released by the Bureau of Labor Statistics (BLS) on Friday of last week, showed a pop up in both employment and wages. Private-sector wages as measured by the BLS establishment survey jumped to 2.1 percent above March 2020 amounts, after being down by 0.7 […]