Employment taxes collected so far by the Federal Government through April 28 total $166 billion. That's down significantly from the take in March and it looks like we'll finish off the month at around $183 billion, which would be about $33 billion less than March.
April's tax take will, however, exceed last April by about $10 billion.
You may recall that my forecast for the March jobs report, which I based on the very strong employment tax deposits, didn't work out, so I am anxious to see how next Friday's number looks. Right now the forecast is for a gain of 245,000 in nonfarm payrolls.
By the way, it also looks like the total spending gains over last year have now peaked. Spending is no longer growing. This may be temporary, it may be a stall, it may be related to the debt ceiling or other budgetary constraints. I don't know. Just saying.
It's bad because it looks as if households and local governments have slowed their spending, too. If the Federal Gov't doesn't pick it up (or foreigners), the economy will be in trouble.
Showing posts with label employment taxes. Show all posts
Showing posts with label employment taxes. Show all posts
Thursday, April 30, 2015
Monday, April 13, 2015
Workers pay 6 times more in taxes than corporations and get nothing while Conservatives demand more corporate tax cuts!
Conservatives call incessantly for corporate tax cuts. Never mind the fact that corporate profits are at an all-time record high and also garner an ever increasing share of GDP. In other words, more and more of our national wealth flows to profits, which is then grabbed up by corporate executives (CEO's), Wall Street and shareholders.
The rest of us get pretty much nothing for our efforts and it is WE who do all the working and making of the stuff that gets produced.
The call for corporate tax cuts, therefore, is completely incongruous with the national discussion of wealth and income inequality. Yet it goes on.
The demand grows even more brazen and obscene (if that's possible) when you look at just how much corporations are paying in taxes compared to what the rest of us (workers) pay.
Once again, I am pulling from the Daily Treasury Statement (BTW...next course in April 25).
Table IV, Daily Treasury Statement for FY 2014. All figures are in millions $.
You can see that the total tax take for the Federal Government in 2014 was $2.599 trillion.
Of that, $2.07 trillion was in the form of employment taxes. That means people who work for a paycheck. Workers. That's who paid most of the taxes.
Corporations paid $345 billion.
So workers paid 6 times more taxes than corporations AND THEY GOT NOTHING, yet Conservatives want corporations to pay less and Obama, along with Conservatives, raised employment taxes and continue to propose or institute spending cuts, which are fiscally the same thing as tax increases, which fall mostly on workers.
In light of this, is there really any reason why we are trying to figure out the cause of income and wealth inequality? Seriously? The wealth is being PURPOSELY AND BLATANTLY funneled to the top.
Corporations pay next to nothing and WE pay nearly all.
The rest of us get pretty much nothing for our efforts and it is WE who do all the working and making of the stuff that gets produced.
The call for corporate tax cuts, therefore, is completely incongruous with the national discussion of wealth and income inequality. Yet it goes on.
The demand grows even more brazen and obscene (if that's possible) when you look at just how much corporations are paying in taxes compared to what the rest of us (workers) pay.
Once again, I am pulling from the Daily Treasury Statement (BTW...next course in April 25).
Table IV, Daily Treasury Statement for FY 2014. All figures are in millions $.
You can see that the total tax take for the Federal Government in 2014 was $2.599 trillion.
Of that, $2.07 trillion was in the form of employment taxes. That means people who work for a paycheck. Workers. That's who paid most of the taxes.
Corporations paid $345 billion.
So workers paid 6 times more taxes than corporations AND THEY GOT NOTHING, yet Conservatives want corporations to pay less and Obama, along with Conservatives, raised employment taxes and continue to propose or institute spending cuts, which are fiscally the same thing as tax increases, which fall mostly on workers.
In light of this, is there really any reason why we are trying to figure out the cause of income and wealth inequality? Seriously? The wealth is being PURPOSELY AND BLATANTLY funneled to the top.
Corporations pay next to nothing and WE pay nearly all.
Thursday, March 8, 2012
Are employment tax receipts warning of a softening job market?
Employment tax receipts to the Federal Gov't are now negative year-over-year for the first time since December. And weekly unemployment claims have risen for the past three weeks in a row. Tomorrow they're expecting a pretty strong jobs number. Do these data suggest a negative surprise?
Tuesday, February 7, 2012
The disturbing trend underneath the strong jobs report
Total employment taxes (witholding) collected by the Federal Government so far this year, are running about $8 billion above last year. On the surface this would appear to be a good sign and an indication of a stronger economy and job market, however, notice the trend, it's going down. This comes despite a stellar jobs number last Friday. It suggests that income earned on all these new jobs is not rising, but in fact falling. This seems to be corroborated by average hourly earnings, which on a year-over-year basis, hit the lowest level in 10 months in January.
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