The federal budget deficit hits slower growth. The Congressional Budget Office (CBO) reports that the deficit for the first five months of fiscal year 2022 was $475 billion. That’s lower than for the same period in the two previous fiscal years. Revenues rose by 26% and outlays fell 8%. Individual income and payroll taxes combined rose about 25%. That was partly attributable “to higher total wages and salaries, particularly among relatively high-income workers who are subject to higher tax rates on earnings.” Also, pandemic-related legislation “caused some timing shifts in the collection of payroll taxes,” the CBO stated. Here’s the full report: https://bit.ly/3N1Dbcb Call or visit our website for more information! www.mjscpa.com/
