Tax Withholding Remains Strong in June
Posted on June 29, 2021 The amount of federal tax withholding–income and payroll taxes withheld from workers’ paychecks and remitted daily to the Treasury Department–remained strong in June, growing by an estimated 13.1 percent compared to the amounts in June from two years ago in 2019 (see chart below). That’s at or above two-year growth […]
Corporate Income Tax Payments Continue to Surge: The June Estimated Payment Was Very Strong
Posted on June 21, 2021 Federal tax collection data for the mid-June corporate estimated payment, the second quarterly payment for the tax year and third in the fiscal year, show that corporate income tax payments are continuing to surge. Corporate tax receipts didn’t slump in 2020, and now they are jumping well above pre-pandemic levels, […]
Blog Post at the Hamilton Project on What We Have Learned from Tax Collections and Refunds During the Recent Filing Season
Posted on June 17, 2021 I had the great experience of co-authoring a blog post at the Brookings Institution’s Hamilton Project with my former CBO colleague Wendy Edelberg, the Director of the Hamilton Project, and two of her colleagues there, Mitchell Barnes and Sara Estep. We discuss how tax collections and refunds from the recent […]
We Expect that the National Average Wage Index for Social Security Increased in 2020
Posted on June 15, 2021 Summary My best estimate at this point is that the national average wage index (AWI) for Social Security purposes rose by about 1 percent in 2020, which would be a much better performance than some experts’ projections last year for a significant decline, and better than the small 0.5 percent […]
New Economywide QCEW Wage Data Suggest an Upcoming Upward Revision to 2020 NIPA Wage Data
Posted on June 4, 2021 This week the Bureau of Labor Statistics released the full report on how much wages and salaries were in 2020Q4, and hence for all of 2020, as measured by the Quarterly Census of Employment and Wages (QCEW). The QCEW are important administrative data provided by nearly all employers in order […]
Federal Revenues are Growing Quite Quickly, Part 2
Posted on June 2, 2021 Two weeks ago we posted that federal revenues were growing quite quickly in recent months considering the effects of the recession, and it is becoming only more clear that such is the case. I am much more bullish on revenues for fiscal year 2021 than both the Administration, which just […]
Another Strong Month for Tax Withholding in May
Posted on June 1, 2021 Income and payroll tax amounts withheld from workers’ paychecks and remitted to the Treasury Department continued to be strong in May, growing by an estimated 14.7 percent over the amount in May from two years ago in 2019 (see chart). We adjust withholding to standardize the amounts for the number […]