How is the federal government budget doing? The Congressional Budget Office estimated a budget deficit of $388 billion for the first 4 months of fiscal 2020. That’s $78 billion more than the deficit recorded during the same period last year. Some highlights: Total receipts grew 6%. Individual income and payroll tax rose 5%. Withholding grew 5% and corporate income tax for 2019 rose a net 27%. Individual income tax refunds declined 4%. Outlays for large mandatory spending programs rose 6%, including: Social Security benefits, up 5%; Medicare outlays up 8% and Medicaid outlays up 5%. Net interest on the public debt was up 4.2%, to $134 billion. Here’s the budget report: https://bit.ly/3buGVjk Call or visit our website for more information! www.mjscpa.com/
