The Congressional Budget Office (CBO) has reported that the federal budget deficit for the first six months of fiscal year 2022 was an estimated $667 billion, or about 40% of the shortfall recorded during the same period last year. Revenues jumped by $418 billion (25%) and outlays dropped by $622 billion (18%), the CBO said. Income and payroll taxes together rose by $357 billion (24%). Individual income tax refunds declined by $7 billion (5%). “The total number of refunds issued through the fourth week in March was roughly the same as in 2021, but 17% below the number at the same point in 2020 — a probable result of continued delays in processing tax returns,” according to the CBO. Call or visit our website for more information! www.mjscpa.com/
