๐๐”๐ƒ๐†๐„๐“ ๐ƒ๐„๐…๐ˆ๐‚๐ˆ๐“ & ๐“๐€๐— ๐๐€๐˜๐Œ๐„๐๐“๐’ (๐Ÿ๐ŸŽ/๐Ÿ๐Ÿ”/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ—)

The Congressional Budget Office (CBO) estimates the September 30, 2019 fiscal federal budget deficit was $984 billion. That amount is estimated at 4.7 % of gross domestic product (GDP), the highest since 2012. And 2019 was the fourth consecutive year in which the deficit increased as a percentage of GDP.

CBO notes significant tax payments as follows-

โ€ข Individual income and payroll (social insurance) taxes together rose by $107 billion (or 4 percent).

โ€ข Corporate income taxes increased by $25 billion (or 12 percent). Those receipts reflect activity in both 2018 and 2019.

โ€ข Customs duties increased by $29 billion (or 71 percent), primarily because of tariffs imposed by the Trump Administration during the past year on certain imports from China.

NOTE: The Chinese donโ€™t pay the excise taxes-We do.
See https://www.cnbc.com/2019/08/02/heres-why-us-importers-and-consumers-pay-trumps-tariffs-not-china.html -or-
https://www.foxbusiness.com/economy/president-trumps-tariffs-explained-consumers-pay

For more info, see https://www.cbo.gov/system/files/2019-10/55699-CBO-MBR.pdf?utm_campaign=CLEAN-%2010%20October%20Checkpoint%20Newsstand%202019%20ART&utm_medium=email&utm_source=Eloqua&site_id=82769734&elqTrackId=85a638bfd4034f97b757d5262aa84ec2&elq=59b58dfe37f24d1d90f454afaae3899c&elqaid=21523&elqat=1&elqCampaignId=15856

If you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ