![]() ![]() (These collections count towards federal revenue, as UI is a federal program administered by states.) $12 billion (21%) decrease in unemployment insurance receipts, as states levied higher taxes on employers during FY2022 to replenish UI trust funds that were depleted from high unemployment during the pandemic.$16 billion (19%) decrease in customs duties due to a reduction in imports.$98 billion (99%) decrease in remittances from the Federal Reserve, as higher interest rates continued to raise the Fed’s interest expenses above its income and eliminate profits across most of its banks. ![]() $130 billion (59%) increase in individual income tax refunds.(Net receipts collected through July were approximately $300 billion less than prior CBO projections mainly because of weakened individual and corporate income tax revenue.) Of this amount, non-withheld payments of income and payroll taxes declined by $284 billion (26%), largely reflecting decreases in 2022 tax liabilities and delayed 2023 tax filings attributable to tax relief provided by the IRS for those affected by disaster situations. $313 billion (9%) decrease in individual income and payroll tax revenue.Revenues were $3.7 trillion, a decrease of 10%, largely due to:.The government ran a cumulative deficit of $1.6 trillion through July ($1.7 trillion when adjusted for timing shifts, $954 billion more than during the same period last year*).The July 2023 deficit was impacted by unique timing shifts in outlays, if not for which it would have been $309 billion instead of $222 billion, resulting in a YOY increase of $98 billion.*įiscal Year-to-Date Comparisons with FY2022.$499 billion in outlays, increased YOY by $18 billion (4%).$276 billion in revenues, increased YOY by $7 billion (3%).$222 billion deficit, increasing year-over-year (YOY) by $11 billion.Give Search Keywords Submit Policy Areas. ![]()
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