Delay in Surcharge Delays Tax Receipts and Deficit
House leaders have postponed action on the 10 percent income surtax, risking higher taxes for next year and a larger current-year deficit. The delay shifts the start date from April 1 to June, reducing current-year revenue and complicating Treasury projections while defending costs rise.
MENTIONED IN THIS ARTICLE
Washington
House
Treasury Department
Senate
Treasury
Economy Slows Slightly But Growth Persists in April
The U S economy remained strong in April though at a slower pace, with a 670 billion annual rate in personal income and a 826.7 billion GNP in Q1. Auto production held high plans for May amid strikes in telephone and tobacco sectors.
MENTIONED IN THIS ARTICLE
Joseph R. Coyne
Washington
Federal Reserve Board
Commerce Department
Martin Luther King Jr
Revenue estimates hint at a large budget deficit this year
The new tax package estimates project a potential $25 billion deficit this year and as low as $2.3 billion next year due to House delays. Next fiscal year taxes include individuals surcharge $7.75 billion, corporate surcharge $3.85 billion, corporate speedup $960 million, and excise extensions $2.66 billion.
MENTIONED IN THIS ARTICLE
Senate House
Treasury
Also Mentioned on This Page
Johnson
Copper
Sylvania NV
Long
Cherry Beach Blvd
Cherry and
Carson Long Beach
Long Beach
E. Carson Norwalk
Carson
Safeway
Acme
C.A.C
Mattress Factory
E. Ancheim St
Mon
Pri
Santa Ana
W. Sth Street
INE
E.ath
BankAmericard
Orange County
Public
E. Broadway
Canterbury Book Shop
Calvert Dist. CO
Louisville, KY
Cor Soft
Calvert