Corporate Income Tax Payments Continued to Boom in October
Posted on October 20, 2021 The mid-month payment of corporate income taxes continued to be very strong in October. We estimate, based on the amounts reported in the Daily Treasury Statement, that corporate income tax payments mid-month were up by about 60 percent compared to the payments in the comparable period in October 2020, and, […]
Why the National Average Wage Index for Social Security Increased in 2020 Almost Like It Wasn’t a Recessionary Year: Think Wage Gains of Higher-Income Individuals
Posted on October 14, 2021 We’ve been tracking the average wage index (AWI) for Social Security for some time, ever since it looked like the index was going to take a big drop in 2020 as a result of the pandemic-induced recession. Such an outcome would have caused a big drop in future Social Security […]
Tax Withholding Pops (Upwardly) in September: Outlier or Indicator?
Posted on October 6, 2021 Income and payroll taxes withheld from paychecks (so-called tax withholding), which is based largely on wages paid to workers and is remitted daily to the Treasury Department, popped up in September, probably enough to be considered an outlier, but these days who knows. We measure that tax withholding was up […]
Full Year Fiscal Year 2021 Receipts: Big Increase Brought About By Fiscal Stimulus and Strong Growth in Incomes of Higher-Income Taxpayers
Posted on October 4, 2021 The end of the federal fiscal year (on September 30) is always a good time to take stock of receipts for the year and what they tell us about the economy. This post will sort of bring together our different posts over time about different revenue sources. In short, federal […]
Quarterly Individual Income Tax Payments Remained Very Strong in September
Posted on October 1, 2021 Quarterly estimated payments by individuals of income taxes continued to be strong in September, not a surprise given that the June quarterly payments were also strong. We estimate from the Daily Treasury Statements that individuals’ quarterly income tax payments–due by September 15 as usual, but it always takes the IRS […]