U.S. revenues for fiscal year 2022 so far have exceeded predictions, according to the Congressional Budget Office (CBO). The CBO reports that FY 2022 revenues outpaced the same period in FY 2021 by 29%, due to increases in individual taxes, payroll taxes and corporate income tax collections. The estimated federal budget deficit for FY 2022 to date was $423 billion, compared with $2.1 trillion for the same period in FY 2021. The FY 2021 deficit was “much larger because of spending in response to the coronavirus pandemic” for various relief payments. FY 2022 outlays fell 63%, mostly because the majority of relief payments were paid during FY 2021. Here’s the report: https://bit.ly/3xU0JtT Call or visit our website for more information! www.mjscpa.com/
