Tax Withholding Growth Moves Up in May, and Wage Growth Through April is Revised Down
Posted on May 31, 2023 We estimate that federal tax withholding–the amount of income and payroll taxes withheld from employees’ paychecks and remitted daily to the U.S. Treasury–grew by 5.6 percent in May (compared to the amounts from May of a year ago). That is the highest rate of growth since October 2022, and is […]
Tax Payments with Individual Income Tax Return Filings Are Down Sharply This Year
Posted on May 5, 2023 We can certainly say that tax payments with individual income tax return filings have dropped sharply this year–down by about 34 percent by our tally of the daily tax receipts through the latest amounts released for activity on May 3 (see chart below). And that percentage decline looks like it […]
Federal Tax Withholding Growth Slowed in April
Posted on May 1, 2023 Amidst all the interest in the amounts of federal taxes paid with income tax return filings, we can’t forget about income and payroll taxes withheld from worker’s paychecks and remitted to the Treasury. We estimate that growth in withheld taxes slowed in April, measured to remove the estimated effects of […]