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-
• Individual income and payroll (social insurance) taxes together rose by $107 billion (or 4 percent).
• Corporate income taxes increased by $25 billion (or 12 percent). Those receipts reflect activity in both 2018 and 2019.
• 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 don’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-
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
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𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.
𝐎𝐯𝐞𝐫 𝟑𝟎 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐈𝐑𝐒, 𝐍𝐘 & 𝐍𝐉 𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭𝐬, 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 & 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠.