Withholding Growth Drops in August and Remains Well Below Measures of Economywide Wage Growth from the National Income Accounts and the Monthly Establishment Survey
Posted on August 31, 2022 In August we observed a decline in the growth of federal tax withholding–the amount of federal income and payroll taxes withheld from workers’ paychecks and remitted to the U.S. Treasury Department. We estimate that tax withholding grew by 4.9 percent in August (compared to the amounts from August of a […]