About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

Monthly Budget Review for November 2014 1 (December 5, 2014)

handle is hein.congrec/cbo1985 and id is 1 raw text is: Monthly Budget Review for November 2014 The federal government's budget deficit was $181 billion for the first two months of fiscal year 2015, $45 billion less than the shortfall recorded in October and November of last year, CBO estimates. That outcome was affected by shifts in the timing of certain payments. Without those shifts, the deficit would have declined by just $9 billion. Budget Totals, October-November Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for October 2014 and the Daily Treasury Statements for November 2014. Note: FY = fiscal year. Total Receipts: Up by 6 Percent in the First Two Months of Fiscal Year 2015 Receipts through November totaled $403 billion, CBO estimates-$22 billion more than the amount collected in the same period last year. The largest increases were in the following categories: Individual income taxes and payroll (social insurance) taxes together rose by $15 billion (or 5 percent). The amounts withheld from workers' paychecks rose by $13 billion (or 4 percent), which accounted for most of that gain. Growth in wages and salaries probably explains the increase in withheld receipts. Nonwithheld receipts-mainly from 2013 income tax returns for people who had received filing extensions-rose by $4 billion (or 18 percent). That increase was partially offset by an increase in income tax refunds, which were $1 billion higher, and by a decline in receipts from unemployment insurance taxes, which were $1 billion lower than in the year before. Receipts from corporate income taxes, which generally are small in the first two months of the fiscal year, rose from a total of $7 billion in October and November of last year to $13 billion in the current fiscal year. For most corporations, this fiscal year's first quarterly estimated payment is due December 15. Note: The amounts shown in this report include the surplus or deficit in the Social Security trust funds and the net cash flow of the Postal Service, which are off-budget. Numbers may not add up to totals because of rounding.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most