Federal Tax Withholding Continued to Grow at a Low Rate in January, as in December, Though It Is Difficult to Interpret the Data for Those Two Months
Posted on January 31, 2023 Growth in federal withheld tax payments remained low in January, according to our estimates that adjust the reported amount of withholding for tax law changes and differences in the calendar across months. We estimate that tax withholding grew by 3.4 percent in January (compared to the amounts from January of […]
Tax Withholding Growth Slows Further in December, But Year-End Bonuses and Law Changes Make the Measurement Very Uncertain
Posted on January 3, 2023 We estimate that growth in federal tax withholding–amounts of federal income and payroll taxes withheld from workers’ paychecks and remitted by employers to the U.S. Treasury–fell further in December, registering 1.9 percent growth (compared to amounts from December of a year-ago). That represents a continuation of a gradual diminishing of […]