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Monthly Budget Review for May 2016 1 (June 7, 2016)

handle is hein.congrec/cbo2923 and id is 1 raw text is: June 7, 2016 Monthly Budget Review for May 2016 The federal budget deficit was $408 billion for the first eight months of fiscal year 2016, the Congressional Budget Office estimates-$41 billion more than the shortfall recorded during the same period last year. Outlays were 3 percent higher than they were at this time last year, and receipts were 2 percent higher. Budget Totals, October-May (Billions of dollars) Actual, FY 2015 Preliminary. FY 2016 Estimated Change Receipts 2.104 2.137 33 Outlays 2.471 2.545 75 Deficit -367 -408 -41 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for April 2016 and the Daily Treasury Statements for May 2016. FY = fiscal year. Total Receipts: Up by 2 Percent in the First Eight Months of Fiscal Year 2016 Receipts totaled $2,137 billion during the first eight months of fiscal year 2016, CBO estimates- $33 billion more than they did during the same period last year. The changes were as follows: * Individual income taxes and payroll (social insurance) taxes together rose by $41 billion (or 2 percent). o Amounts withheld from workers' paychecks accounted for an increase of $61 billion (or 4 percent). Growth in wages and salaries probably explains that increase. o Nonwithheld receipts declined by $4 billion (or 1 percent). That decline stemmed from two partially offsetting changes: a drop of $16 billion (or 5 percent), mostly in people's final tax payments for 2015, during the tax-filing season from February through April; and an increase of $11 billion during the other months covered in this report. o Income tax refunds increased by $13 billion (or 6 percent), reducing net receipts. o Receipts from unemployment insurance taxes (one kind of payroll tax) fell by $2 billion. * Corporate income taxes declined by $21 billion (or 11 percent). About half of the decline occurred between October and March, when firms paid taxes that were largely on their taxable profits in the 2015 tax year. The other half of the decline occurred in April and May, when most firms began paying taxes on their taxable profits in 2016. Part of the decline in receipts in the past two months probably stems from the enactment in December of the Consolidated Appropriations Act, 2016 (Public Law 114-113), which extended- retroactively and prospectively-tax rules that allow businesses with large amounts of investment to accelerate their deductions for that investment. Because of the timely enactment of that law, many businesses will make lower payments of estimated taxes in 2016 than they made in 2015, when the rules had temporarily expired. 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.

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