NIPA 2020Q4 Wages Were Revised up, Though Not as Significantly as We Expected
Posted on May 28, 2021 Just a quick note as we wait for more complete data next week. But yesterday the Bureau of Economic Analysis (BEA) revised wages and salaries for 2020Q4 up from 1.3 percent growth compared to the same quarter in 2019, to 3.0 percent growth (see chart below). That revision in the […]
Will 2020Q4 NIPA Wages Be Revised Way up, and Raise the Average Wage Index for Social Security, Too?
Posted May 21, 2021 We estimate from partial data for 2020Q4 from the Quarterly Census of Employment and Wages (QCEW) that economywide wages in the quarter grew very fast, 6.2 percent above the amounts from 2019Q4, largely because of a very large increase (13 percent) in average wages in the economy. The high growth in […]
Federal Tax Receipts Are Growing Quite Quickly Considering The Recession
Posted on May 16, 2021 It’s very difficult to tell how total federal revenues are running compared to recent periods because of tax payment due date changes, legislative changes, and the effects of the recession. By my metric, however, federal tax revenues in recent months have been growing quite quickly, at least in those main […]
Tax Withholding and NIPA Wage Growth Continue to Diverge
Posted on May 5, 2021 Here’s a post with just one paragraph and chart. (You’re welcome.) Since the end of 2020, we’ve measured a marked increase in growth of income and payroll tax withholding, but not nearly so much for economywide wages and salaries as measured in the National Income and Product Accounts (NIPAs, put […]
Did the Requirement to Pay Estimated Taxes by April 15 Convince Many Taxpayers to File Early–And Pay?
Posted on May 3, 2021 This year is the first year I’m aware of that individuals’ first quarterly estimated payments of income taxes were due on a different day than income tax returns were due. The first estimated payment this year was due by April 15, while the deadline to file an income tax return […]