Article

2023-10-25 Economy

FY 2023 had major 'unexpected' decline in Tax Revenues

Monthly Budget Review: September 2023

The federal budget deficit was $1.7 trillion in fiscal year 2023, the Congressional Budget Office estimates—$0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent). Revenues were smaller than in fiscal year 2022, particularly for non witheld income taxes and remittances to the Treasury from the Federal Reserve. Outlays declined by an estimated $141 billion (or 2 percent).

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Given that GDP was growing, this decline in revenues is astounding. It will take a lot of analysis to distinguish the various factors that led to this. Possibilities: tax exemptions for Green projects, far less capital gains claimed, more income via cash and not reported

Posted by lord garth 2023-10-25 08:23|| || Front Page|| [11130 views ] Top

#1 Has nothing to do with cash diarrhea.

Posted by Skidmark 2023-10-25 09:27|| 2023-10-25 09:27|| Front Page Top

#2 As it comes to light how much of the "COVID stimulus" was out and out fraud, who is surprised that little of it was taxed?

Posted by M. Murcek 2023-10-25 09:29|| 2023-10-25 09:29|| Front Page Top

#3 I recall an article in the Wall Street Journal that the Inflation ~~Reduction~~ Acceleration Act provided so many tax breaks for electric vehicles and other green fantasies that tax revenue was almost sure to go down.

Posted by Tom 2023-10-25 10:23|| 2023-10-25 10:23|| Front Page Top

#4 The US gummint does not have a revenue problem. It has a spending problem.

Posted by M. Murcek 2023-10-25 10:29|| 2023-10-25 10:29|| Front Page Top

#5 CA and other States that had disaster events have been able to file taxes as late as Oct., now Nov. 2023, for 2022 Fred and State taxes, pushing that revenue into 2024

Posted by Frank G 2023-10-25 11:00|| 2023-10-25 11:00|| Front Page Top

#6 New report unmasks true costs of electric vehicle mandates: 'Remain more expensive'

"the average model year 2021 EV would cost approximately $48,698 more to own over a 10-year period without the staggering $22 billion in taxpayer-funded handouts"

Posted by Skidmark 2023-10-25 12:06|| 2023-10-25 12:06|| Front Page Top

#7 Frank G.

Thanks for pointing that out. Almost all Californian are eligible for late filing due to disaster declarations. However, IIUC, most people who file get refunds. Also, the penalties for under withholding should have motivated late filers to make estimated payments within the fiscal year 2023 for fiscal year 2023 capital gains or whatever large income bumps they get.

Posted by lord garth 2023-10-25 13:17|| 2023-10-25 13:17|| Front Page Top

#8 I just paid my Est. Taxes from earlier in the year since I filed earlier this month and my CPA told me what Est. Taxes I should have paid if there were no forebearance

Posted by Frank G 2023-10-25 13:43|| 2023-10-25 13:43|| Front Page Top

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