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FY 2023 had major 'unexpected' decline in Tax Revenues
Monthly Budget Review: September 2023The federal budget deficit was $1.7 trillion in fiscal year 2023, the Congressional Budget Office estimates—$0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent). Revenues were smaller than in fiscal year 2022, particularly for non witheld income taxes and remittances to the Treasury from the Federal Reserve. Outlays declined by an estimated $141 billion (or 2 percent). .............................. Given that GDP was growing, this decline in revenues is astounding. It will take a lot of analysis to distinguish the various factors that led to this. Possibilities: tax exemptions for Green projects, far less capital gains claimed, more income via cash and not reported Posted by: lord garth 2023-10-25 |
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