Income Tax Payments are Booming This October Presumably Because of Payments Deferred by Recent Natural Disasters
Posted on October 23, 2023 When I worked in the federal government tracking and forecasting federal tax collections, we would keep track of the IRS-granted tax-filing and payment delays allowed for taxpayers in areas of the country affected by natural disasters. Those payment delays never moved the overall revenue needle much, but that appears to […]
Growth in Federal Tax Withholding Remained Relatively Stable in September, and the Main Measure of Economywide Wage Growth for 2022 Was Revised Down
Posted on October 3, 2023 We estimate that federal tax withholding–the amount of income and payroll taxes withheld from workers’ paychecks and remitted daily to the U.S. Treasury–grew by 5.6 percent in September (compared to the amounts from September 2022). That is the fifth consecutive month in which withholding growth was between 5.1 percent and […]