© Reuters. FILE PHOTO: The US Division of the Treasury is seen in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly
By David Lawder
WASHINGTON (Reuters) – The U.S. authorities posted a Might deficit of $132 billion, a couple of third of the Might 2020 deficit of $399 billion, as greater employment and an earlier tax deadline this yr boosted receipts sharply, whilst COVID-19 pandemic-related outlays grew, the U.S. Treasury stated on Thursday.
Receipts for Might rose 167% to $464 billion, a rise partly attributed to final yr’s delay of the Inside Income Service revenue tax submitting deadline till July 15. This yr’s deadline shifted by a month to Might 17.
The Treasury additionally stated taxes withheld from wages elevated by 20% to $204 billion throughout Might in comparison with a yr in the past, whereas Might company taxes rose to $18 billion from $2 billion final yr.
Outlays for Might elevated 4% from a yr earlier to $596 billion as advantages from President Joe Biden’s $1.9 trillion COVID-19 assist bundle continued to be paid out.
This spending additionally helped push the fiscal year-to-date deficit to a document $2.064 trillion from $1.88 trillion for the primary eight months of the prior fiscal yr, Treasury officers stated.
12 months-to-date receipts rose 29% from a yr earlier to $2.607 trillion, whereas outlays grew 20% to $4.671 trillion.
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