Financial analysts watching 2022 tax receipts closely.
The Department of the Treasury released the daily financial statement for the annual tax filing deadline last week, showing a total of $129.82 billion in total tax receipts brought in on Tuesday. This is nearly double the $74.53 billion in tax receipts received the day before tax day. Tuesday’s collections brought the Treasury General Account at the Federal Reserve to a total of $283.53 billion. After daily withdrawals, Tuesday’s closing balance was $252.55 billion.
Financial analysts have been watching the Treasury Department’s tax filing receipts closely since they will strongly inform Congressional decisions regarding the debt ceiling and overall budget balance. As of tax day, the intake for the 2022 tax season has been smaller than initially estimated, but economic experts noted that many states have extended their federal tax filing deadlines to accommodate those affected by local natural disasters.
As the Lord Leads, Pray with Us…
- For Secretary Yellen as she oversees the government’s financial position and operations.
- For Commissioner Werfel as he heads the Internal Revenue Service.
- For members of Congress as negotiations on the federal budget continue.
Sources: Reuters, Bloomberg
