Latest news with #taxreceipts
Irish Times
2 days ago
- Business
- Irish Times
Warnings about corporation tax fall on deaf ears as money keeps rolling in
The Irish public might well have become desensitised to warnings about corporate tax . We've had 10 years of warnings about the concentration risk at the heart of the business tax base – the dangers of having such a large chunk of State income hanging on the fortunes of just a few firms – but it's not obvious anyone is listening any more. And not when receipts keep rising and rising in the face of these warnings. Last year, they reached a record €28 billion (excluding the €11 billion that flowed in from the Apple tax case). And even now, with a tariff-loving, America-first Donald Trump in the White House promising a big clampdown on US multinationals that have offshored their manufacturing operations to the Republic and elsewhere, our corporate tax receipts are projected not to fall but to keep rising. READ MORE The Irish Fiscal Advisory Council (Ifac) says it is predicting another surge in receipts on the back of several favourable trends. First, it expects receipts to rise by about €5 billion from 2026 onwards as additional revenue from the new global minimum tax rate of 15 per cent flows into the exchequer. It also noted that most of the big taxpayers here are not affected by trade tensions and are forecast to report increased profits this year, resulting in higher tax payments this year and beyond. Many of these firms have also been availing of generous tax-cutting capital allowances which are due to run out, meaning they will be liable for more tax. And finally, the current surge in pharmaceutical exports, which jumped by 154 per cent in the first quarter as firms rushed to get merchandise into the US before tariffs, is likely to result in bigger tax payments this year. How to manage your pension in these volatile times Listen | 37:00 Ifac chairman Seamus Coffey said the State's corporate tax base was between €28 and €30 billion, but 'go four or five years you could have a forecast range of plus or minus €15 billion.' If the plus margin of error pertains, that points to a corporate tax base of €40 billion, eight times what it was a decade ago. All of which begs the question: are we making the best use of this seemingly evergreen windfall?
Bloomberg
15-05-2025
- Business
- Bloomberg
Deputy Treasury Chief Says August Is Earliest for X-Date Worries
Deputy Treasury Secretary Michael Faulkender said that federal tax receipts have been coming in higher than a year ago, helping bolster confidence that August is the earliest point for concerns about staying within the federal debt limit. 'We're pretty confident, based upon the receipts that came in from primary tax filing season that an August time frame is the earliest that we need to worry about the X-Date,' Faulkender said in a Bloomberg Television interview. The X-Date refers to the point at which the Treasury runs out of cash and special accounting measures to keep within the debt ceiling and still make good on federal obligations on time.
Reuters
12-05-2025
- Business
- Reuters
US budget surplus surges to $258 billion in April, year-to-date deficit tops $1 trillion
May 12 (Reuters) - The U.S. government posted a $258 billion budget surplus for April, up 23%, or about $49 billion, from a year earlier, reflecting strong tax receipts in the final month of the tax season and surging collections of import duties, the Treasury Department said on Monday. Treasury reported that net customs duties in April totaled $16 billion, about a $9 billion increase from the year-earlier period. The increase occurred during a month in which President Donald Trump boosted tariffs on Chinese goods to as much as 145% while slapping at least 10% levies on imports of goods from other countries. The budget results indicate the U.S. collected just over $500 million a day from tariffs in April. Trump last month said the collections were about $2 billion a day. For the first seven months of the fiscal year, net customs duties totaled $63 billion, compared with $48 billion in the same period a year earlier. That new revenue, however, is likely to drop off. The U.S. and China over the weekend reached a deal to temporarily ease their steep tariffs on each other, with the U.S. cutting its 145% duties to 30% for the next 90 days, while Chinese levies on U.S. imports will fall to 10% from 125%. Receipts last month were driven by a 16% increase in individual non-withheld tax payments, which totaled $460 billion. Individual refunds also rose 16% to $86 billion, detracting from net total budget receipts of $850 billion for the month. Treasury reported a $1.049 trillion budget deficit for the first seven months of fiscal 2025, which started Oct. 1, up 23%, or $194 billion, from a year earlier. Fiscal year-to-date receipts of $3.110 trillion and outlays of $4.159 trillion were both records for the year through April, though the deficit itself was not, a Treasury official said. After accounting for calendar differences that exaggerated outlays recorded in 2024 and $85 billion in deferred tax receipts from California that had boosted fiscal-year 2024 receipts, the deficit would have been 4% higher, according to the official. The 5% increase in unadjusted fiscal year-to-date receipts was driven by a 6% increase in individual paycheck tax withholdings to $2.145 trillion, accounting for the lion's share of the total budget receipts. The 9% increase in unadjusted fiscal-year-to-date outlays was driven by higher spending on the Medicare health program for seniors and the disabled, which was up 16% to $658 billion, and on the Medicaid program for lower-income Americans, which was up 6% to $378 billion. Both programs saw enrollment climb and service costs rise. Spending on the Social Security retirement program rose 9% to $945 billion on a fiscal-year basis, while payments to cover Treasury debt interest climbed 10% from a year earlier to $684 billion. The Treasury official said the weighted average interest rate for the month was 3.29%, up 6 basis points from a year earlier, but close to where it has been for the past five months.
Reuters
12-05-2025
- Business
- Reuters
US budget surplus rises 23% to $258 billion in April, customs revenue surges
May 12 (Reuters) - The U.S. government posted a $258 billion budget surplus for April, up 23% from a year earlier, reflecting strong tax receipts in the final month of the tax season and surging collections of import duties, the Treasury Department said on Monday. Treasury reported that net customs duties in April totaled $16 billion, about a $9 billion increase from the year-earlier period. The increase occurred during a month in which President Donald Trump boosted tariffs on Chinese goods to as much as 145% while slapping at least 10% on imports on goods from other countries. The budget results indicate the U.S. collected just over $500 million a day from tariffs in April. Trump last month said the collections were about $2 billion a day. That new revenue, however, is likely to drop off. The U.S. and China over the weekend reached a deal to temporarily ease their steep tariffs on each other, with the U.S. cutting its 145% tariffs to 30% for the next 90 days, while Chinese duties on U.S. imports will fall to 10% from 125%. Treasury reported a $1.049 trillion budget deficit for the first seven months of fiscal 2025, which started Oct. 1, up 23% from a year earlier. Fiscal year-to-date receipts of $3.110 trillion and outlays of $4.159 trillion were both records for the month of April, though the deficit itself was not, an agency official said. After accounting for calendar differences that exaggerated outlays recorded in 2024 and $85 billion in deferred tax receipts from California that had boosted fiscal year 2024 receipts, the deficit would have been 4% higher, according to an agency official.
