Federal Revenues End Fiscal Year 2022 at a Near Record Percentage of GDP, But Much of the Year’s Revenue Gain Reflects Past Economic Activity
Posted on October 7, 2022 The 2022 federal fiscal year ended a week ago, and it is very clear that revenues boomed in the fiscal year, to just about $4.9 trillion we estimate, or about a 21 percent increase over the 2021 amounts. Revenues rose to an estimated 19.6 percent of the size of the […]
Federal Tax Withholding Growth Dropped Further in September and Remains Well Below Direct Measures of Economywide Wage Growth
Posted on October 3, 2022 We measure that 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–declined further in September, continuing a general move down in growth that began in May . We estimate that tax withholding grew by 3.1 percent […]