The federal budget deficit for the first two months of fiscal year 2022 (Oct. and Nov.) was an estimated $358 billion, according to a Congressional Budget Office report. That amount is $71 billion below the deficit recorded for the same period in fiscal year 2021, the CBO said. Individual income and payroll taxes grew by a combined $96 billion, or 24%. Withholding increased by $82 billion, or 22%. COVID-19 pandemic-related legislation caused timing shifts in the collection of payroll taxes, with a provision in the CARES Act causing some payroll taxes that accrued in 2020 to be paid in 2021, the CBO noted. Read the CBO report: http://bit.ly/3pWor3z Call or visit our website for more information! www.mjscpa.com/
