Corp income taxes fell by about 15% , just wait till next yr with tax cut

[Penelope]

Total Receipts: Up by 4 Percent in the First Four Months of Fiscal Year 2018

Receipts totaled $1,131 billion during the first four months of fiscal year 2018, CBO estimates—$46 billion more than during the same period last year. That increase resulted from changes in receipts from the following sources:

· Individual income and payroll (social insurance) taxes together rose by $68 billion (or 8 percent).

· Amounts withheld from workers’ paychecks rose by $65 billion (or 8 percent). That change largely reflects increases in wages and salaries. Payments of withheld taxes also may have been boosted, on net, by the anticipation of or by responses to the tax legislation that was enacted in December.

· Nonwithheld payments of income and payroll taxes rose by $4 billion (or 3 percent). The first quarterly payment of estimated individual income taxes in the current fiscal year was due by January 15.

· Income tax refunds were up by $1 billion (or 4 percent), reducing net receipts. Most tax refunds will be paid from February through May.

· Corporate income taxes fell by about $13 billion (or 15 percent). Most of that decline occurred in December, when most corporations made their final quarterly estimated payments for tax year 2017.

· Revenues from other sources fell by $9 billion (or 11 percent), largely as a result of reduced income from fees and fines.


CBO estimates that receipts in January 2018 totaled $362 billion—$18 billion (or 5 percent) more than those in the same month last year. Withholding of individual income and payroll taxes rose by $20 billion (or 9 percent); that percentage increase was larger than is typical, in part because January included one more business day this year than last. Although the Internal Revenue Service issued new withholding tables on January 11 to reflect the new tax law, many employers had not begun to use them in January (all employers must begin using the new tables by February 15).

Monthly Budget Review for January 2018

=====================================

When all right wing news outlets say the tax increases for Jan and the fiscal year were so much higher, one must go to the real source.

End of fiscal year for 2018, 1st quarter: 1 October 2017 – 31 December 2017.

Not a thing to do with the tax cut.

 

[Erinwltr]

Excellent post.

 

[Penelope]

This was wrote in 2016, before Trump:

November 2016

What kind of a raise can people expect in 2017?Companies are forecasting 3% increases, similar to years past. But how that budget is spent may vary by person. Employees with the highest possible rating could see increases in the range of 4.5% to 5%, while low performers get an increase between 0.7% and 1%. Bonuses for salaried employees are projected to be 11.6% of pay, on average, with rewards for special projects or onetime achievements set at 5.6%, on average.

(snip)

The job market is getting tighter. Do wages reflect that?For many skills, and for workers who are high performers or who have high potential, it's getting harder to attract talent. Increasingly, certain employees may see more movement on pay. Also, employers say that they need to create more opportunities internally. If you want to change jobs, grow in your career or develop skills that help you remain current, a lot of times there's more opportunity available within your own company than you might think.

The Outlook for Pay Raises in 2017

 

[yiostheoy]

Total Receipts: Up by 4 Percent in the First Four Months of Fiscal Year 2018

Receipts totaled $1,131 billion during the first four months of fiscal year 2018, CBO estimates—$46 billion more than during the same period last year. That increase resulted from changes in receipts from the following sources:

· Individual income and payroll (social insurance) taxes together rose by $68 billion (or 8 percent).

· Amounts withheld from workers’ paychecks rose by $65 billion (or 8 percent). That change largely reflects increases in wages and salaries. Payments of withheld taxes also may have been boosted, on net, by the anticipation of or by responses to the tax legislation that was enacted in December.

· Nonwithheld payments of income and payroll taxes rose by $4 billion (or 3 percent). The first quarterly payment of estimated individual income taxes in the current fiscal year was due by January 15.

· Income tax refunds were up by $1 billion (or 4 percent), reducing net receipts. Most tax refunds will be paid from February through May.

· Corporate income taxes fell by about $13 billion (or 15 percent). Most of that decline occurred in December, when most corporations made their final quarterly estimated payments for tax year 2017.

· Revenues from other sources fell by $9 billion (or 11 percent), largely as a result of reduced income from fees and fines.


CBO estimates that receipts in January 2018 totaled $362 billion—$18 billion (or 5 percent) more than those in the same month last year. Withholding of individual income and payroll taxes rose by $20 billion (or 9 percent); that percentage increase was larger than is typical, in part because January included one more business day this year than last. Although the Internal Revenue Service issued new withholding tables on January 11 to reflect the new tax law, many employers had not begun to use them in January (all employers must begin using the new tables by February 15).

Monthly Budget Review for January 2018

=====================================

When all right wing news outlets say the tax increases for Jan and the fiscal year were so much higher, one must go to the real source.

End of fiscal year for 2018, 1st quarter: 1 October 2017 – 31 December 2017.

Not a thing to do with the tax cut.

Many international businesses will have to pay more tax in 2018 due to the catch-up taxes on foreign tax haven shifted income.

So don't be surprised if corporate tax receipts to up instead of down.

And they will get to spread that catch up over 8 years, so you may need to wait until 2026 before corporate tax receipts really go down.

 

[ScienceRocks]

And the biggest ones are paying about 10-15% lower then that And still sending the money over seas.

Fuck the workers they scream! That seems to be something that you also agree with...Are you a worker? If you're, well, I don't know what to say!

 

[Silent Warrior]

This was wrote in 2016, before Trump:

Ah, can't even write properly in her native language and wants to share her economic ideas. You just can't make this stuff up folks. Perhaps her brains got tookin.