The US Treasury Department released its Monthly Treasury Statement (MTS) report today.
For the fiscal year through May (eight months), growth in individual tax receipts slowed sharply and corporate tax collection is negative compared to the same period a year ago.
Here is a set of charts I put together.
Federal Income Tax Receipts – Year-Over-Year Percent Change
Federal Income Tax Receipts – Individuals
Federal Income Tax Receipts – Corporations
Notes
- Years are not totally comparable
- Fiscal year to date is October to May (eight months)
- 2016 and 2012 were leap years adding to extra work day and extra tax deposit day in February (and year-to-date)
- Fiscal Year 2013 was influence by a tax hike.
Thanks to reader Tony for those notes.
The year-over-year trends do not represent a strengthening economy, especially in light of a recovery that until the last jobs report, Fed Chair Janet Yellen assumed was picking up steam.
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Mike “Mish” Shedlock
The theory that Government can just “print money to pay for Government too!” is such utter lunacy it’s not even worthy of discussion.
“Shhhh. Don’t tell anyone but…the foodtsamp program has no food stamps to disburse.”
Why is it anyone’s business to point out the fact that the Soviet Union did in fact collapse you say?
Well…in all seriousness….I’m not sure I can explain that.
I can say with absolute certainty since I was in graduate school studying at George Washington located literally right down the road from Foggy Bottom that “not a single person in WASHJNGTON DC cared.”
Indeed I was laughed out of the Academy for writing my thesis on “NATO out of Area issues” as I was told…this was 1993!!!…”NATO is irrelevant now and your material has no bearing on the world as it is.”
So here we are…2016…on the verge of a full fledged ground invasion of Russia, Libya, Syria, the South China Sea…and I have no doubt “the Academy” is still busy exclaiming “but young man, everyone knows NATO is irrelevant and has no meaning in the world as it exists now.”
Meanwhile on a Rocket Pad at Cape Canaveral or a debt instrument in Chicago or a police station in Missouri or a shopping cart in …. Bangor Maine….”Nancy Pelosi is explaining to everyone how the Government did that!”
Really?
Wow!
Far out!
“And meanwhile the Fatcat Bankers™ got away with all the loot!”, Nancy?
Really?
Far out!
So who else isn’t getting paid starting….hmmmm…NEXT WEEK….
“a full fledged ground invasion of Russia, Libya, Syria, the South China Seas”
…..only if Dems are allowed to steal another election in a row…..
Over on CNS News which has consistently reported in depth on both US federal government tax revenues and the massive and growing federal government debt of over $19.2 trillion, this latest Treasury report is being interpreted and reported EXACTLY THE OPPOSITE of what you are stating here and CNS is claiming that federal government revenues THROUGH MAY HIT RECORD HIGH LEVELS as follows:
Taxes Set Record Through May…
(CNSNews.com) – The U.S. Treasury took in a record of approximately $2,139,254,000,000 in tax revenues in the first eight months of fiscal 2016 (Oct. 1, 2015 through May 31, 2016), according to the Monthly Treasury Statement released today.
That is up about $15,347,130,000–in constant 2016 dollars—from the approximately $2,123,906,870,000 in constant 2016 dollars the Treasury collected in the first eight months of fiscal 2015.
(Tax revenues from previous years were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator.)
In May alone, the Treasury collected approximately $224,603,000,000 in revenue.
http://www.cnsnews.com/news/article/terence-p-jeffrey/2139254000000-fy2016-taxes-set-record-through-may-14164-worker-feds
,” this latest Treasury report is being interpreted and reported EXACTLY THE OPPOSITE of what you are stating here”
There is no contradiction
TOTAL receipts is at record high, but GROWTH is slowing.
Not mentioned is receipts include miscellaneous receipts which include “profits” (QE) remitted by Federal Reserve to Treasury. Current ytd running $14 billion more than last year. Strip those receipts out and growth even slower.
The problem with socialism is you eventually run out of other people’s money. – Margaret Thatcher
https://theconservativetreehouse.files.wordpress.com/2016/06/puerto-rico-bailout-paul-ryan.jpg?w=640
Mish, how do you reconcile or explain the total contradictions between your take on federal government revenues for Fiscal 2016 through May and the report just written by CNS News today which are both based on the latest May 2016 Monthly Treasury Statements? Is it adjustments in tax revenues for prior years? The CNS report does state: (Tax revenues from previous years were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator.)
Adam, I do not think Mish’s article incorporates payroll tax, (Social Security, Medicare, etc) as opposed to corporate tax or income tax receipts.
I am curious how Obama’s policies have raised taxes over the year and changed revenue source amounts and percentages. I suspect Obamacare is becoming ever ore expensive.
Instead of relying on CNS … try doing your own work. I have.
https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/backissues.htm
Bernie voters should be pleased. The corporate employers took a lot less greedy profits from the customers. They also need a lot fewer $15/hour step-n-fetchits. Pretty soon America could be a Venezuelan paradise without any greedy profits.
Adam Price should open his own blog. i promise to never comment on it.
BTW, it would be nice if one could order follow-up comments to one’s email without commenting. I don’t always have anything of my own to say and returning to old articles checking whether or not they have any interesting comments is just tad too much. Would be nice if that could be arranged.