DuvallWheeler, LLP

 

2017 – 08/10

New budget figures out. The Congressional Budget Office (CBO) reported a $568 billion estimated budget deficit for the first 10 months of FY 2017, $56 billion more than the same period in FY 2016. Total receipts rose 2%; individual income tax and payroll taxes were up 4%. For July, receipts were up 10% over the same month in 2016. “The bulk of that increase is the result of higher withholding of individual income and payroll taxes, which rose by $17 billion… reflecting primarily increases in wages and salaries,” the CBO said. Read more at http://bit.ly/2hLrqvM.