The federal government logged an estimated budget deficit of $358 billion for the 1st quarter of fiscal year 2020, according to the Congressional Budget Office (CBO). That’s $39 billion more than the same period in FY 2019. Here are some highlights: the combined total of payroll taxes and individual income taxes rose 5%. Withholding rose 4% due to increases in wages and salaries. Corporate income tax climbed 21%. Customs duties rose 18%, “in part, because of additional tariffs” primarily on imports from China, the CBO report said. Mandatory spending outlays rose 7%. Social Security benefits increased 6%. Net interest on the public debt climbed $2 billion. Here’s more: https://bit.ly/2QPeIvg Call or visit our website for more information! www.mjscpa.com/
