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What's another $449,000,000,000 to the deficit?
Posted on 5/21/21 at 8:34 am
Posted on 5/21/21 at 8:34 am
The Congressional Budget Office (CBO) has estimated that the federal budget deficit for the first seven months of fiscal year 2021 reached $1.9 trillion, $449 billion more than the deficit recorded during the same period in FY 2020. (Monthly Budget Review for April 2021)
Outlays were up by 22% and revenues were 16% higher compared to last year. Spending for refundable tax credits, particularly recovery rebates, was partially responsible for the jump in outlays, CBO said.
Total receipts for the seven-month period amounted to an estimated $2.14 trillion, $297 billion more than in FY 2020.
Individual income and payroll taxes together rose by $201 billion (or 13%). Nonwithheld payments of income and payroll taxes increased by $159 billion (or 72%).
Amounts withheld rose by $51 billion (or 3%). "That increase most likely reflects higher total wages and salaries, particularly among the relatively high-income workers who pay most of the income taxes," CBO said.
Corporate income taxes increased, on net, by $91 billion, almost doubling since last year. "That change largely reflects earlier payments of estimated and final payments of corporate income taxes," the budget review said. This year those payments were due in April, while last year they were due in July, it noted.
Estate and gift taxes rose by $7 billion (or 69%).
Outlays for certain refundable tax credits were $321 billion higher than in the first seven months of 2020. That increase was mostly driven by spending for the recovery rebates that were provided by the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, CBO said.
LINK
Outlays were up by 22% and revenues were 16% higher compared to last year. Spending for refundable tax credits, particularly recovery rebates, was partially responsible for the jump in outlays, CBO said.
Total receipts for the seven-month period amounted to an estimated $2.14 trillion, $297 billion more than in FY 2020.
Individual income and payroll taxes together rose by $201 billion (or 13%). Nonwithheld payments of income and payroll taxes increased by $159 billion (or 72%).
Amounts withheld rose by $51 billion (or 3%). "That increase most likely reflects higher total wages and salaries, particularly among the relatively high-income workers who pay most of the income taxes," CBO said.
Corporate income taxes increased, on net, by $91 billion, almost doubling since last year. "That change largely reflects earlier payments of estimated and final payments of corporate income taxes," the budget review said. This year those payments were due in April, while last year they were due in July, it noted.
Estate and gift taxes rose by $7 billion (or 69%).
Outlays for certain refundable tax credits were $321 billion higher than in the first seven months of 2020. That increase was mostly driven by spending for the recovery rebates that were provided by the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, CBO said.
LINK
5
Posted on 5/21/21 at 8:36 am to Rex Feral
numbers don't even matter any more.
Venezuela inflation will happen here.
Venezuela inflation will happen here.
Posted on 5/21/21 at 8:37 am to Rex Feral
My buddy works for a very large and well known manufacturing company. The CEO told them yesterday that their supply costs and taxes are increasing, so they’re going to raise sales prices to keep their profit margins to please their investors. Guess what that means, friends?
More costs for us!
More costs for us!
This post was edited on 5/21/21 at 8:38 am
Posted on 5/21/21 at 8:39 am to Deuces
we dont have a choice but to raise prices in the trucking industry. we can't keep up with the rates. drivers are charging more every week. my boss is on my arse to get prices down but the market just doesn't reflect it.
Posted on 5/21/21 at 8:41 am to Rex Feral
Trump is gone, so there's concern again about deficits?
Posted on 5/21/21 at 8:42 am to Rex Feral
It is irrelevant. There is nothing any of us can say that matters. It is not even worth discussing. When it implodes it implodes. Enjoy the bubble before it pops.
Posted on 5/21/21 at 8:42 am to Deuces
quote:
My buddy works for a very large and well known manufacturing company. The CEO told them yesterday that their supply costs and taxes are increasing, so they’re going to raise sales prices to keep their profit margins to please their investors. Guess what that means, friends?
More costs for us!
This!! This is Economics 101! This simple, but vital, fact continues to ellude our Democratic overlords when they speak of increasing minimun wage.
Posted on 5/21/21 at 8:44 am to nitwit
Your statement is fair. But it is also irrelevant. Because when the whole thing collapses it will collapse on Obamabots and Trump supporters just the same.
Posted on 5/21/21 at 8:44 am to Rex Feral
What is ironic is that the folks who "bravely" worked through the epidemic are still working and getting less take home money or after tax money than the ones that got laid off and are now not wanting to go back. Incentivize laziness, punish the hard worker. That is the Democrat mantra.
Posted on 5/21/21 at 8:50 am to nitwit
quote:
Trump is gone, so there's concern again about deficits?
I've had concerns about deficits for 20 fricking years.
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