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1 Monthly Budget Review for March 2018 1 (April 6, 2018)

handle is hein.congrec/cbomayf0001 and id is 1 raw text is: April 6, 2018 Monthly Budget Review for March 2018 The federal budget deficit was $598 billion for the first half of fiscal year 2018, the Congressional Budget Office estimates, $71 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 2 percent and 5 percent, respectively, than they were during the first half of fiscal year 2017. Budget Totals, October-March Billions of Dollars Actual, FY 2017 Preliminary FY 2018 Estimated Change Receipts 1,473 1.499 26 Outlays 2.000 2.097 97 Deficit (-) -527 -598 -71 Sources: Congressional Budget Office; Department of the Treasury. Based on the Monthly Treasury Statement for February 2017 and the Daily Treasury Statements for March 2018. FY = fiscal year. Total Receipts: Up by 2 Percent in the First Half of Fiscal Year 2018 Receipts totaled $1,499 billion during the first six months of fiscal year 2018, CBO estimates-$26 billion more than during the same period last year. That increase resulted from changes in receipts from the following sources: m Individual income and payroll (social insurance) taxes together rose by $56 billion (or 5 percent). o Amounts withheld from workers' paychecks rose by $47 billion (or 4 percent). That change largely reflects increases in wages and salaries that were partly offset, beginning in February, by a decline in the share of income withheld for taxes. In January, the Internal Revenue Service (IRS) issued new withholding tables to reflect changes made by Public Law 115-97, the major tax legislation enacted in December 2017. All employers were required to begin using the new tables by February 15, 2018. o Nonwithheld payments of income and payroll taxes rose by $11 billion (or 7 percent). The first quarterly payment of estimated individual income taxes in the current fiscal year was due by January 15. (That payment was for 2017 tax liability.) Most taxpayers will not make their final payment of income taxes for 2017 until this month, when individual tax returns are due. o Income tax refunds were up by $3 billion (or 2 percent), reducing net receipts. 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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