Individual income tax collections January through July this year is up by 3.8% compared to the same period last year.
Corporate income tax collections are down 12.6%.
I view Excise Taxes to be the best indicator of economic activity and those collections are down 2.9% year to date vs. year to date last year.
Interesting. FUTA (Federal Unemployment Tax) is down 14% yet there is supposed to be a strong labor market. Futa is charged to employers only. It is charged on the first $6000 of employee wages so it is a good indicator of new hiring. I don’t understand how it could be down if hiring is increasing. Reporting this tax by employers is erratic, however. *
|Jul 16||Jul 15|
|W/H Inc & P/R||1,341,615||1,300,674|
|Ind Inc Tx||95,407||83,421|
|Corp Inc Tx||170,416||194,999|
I will wait to see what FUTA collections are in August. July was exceedingly low. It makes me think that companies filed late.