© Reuters. A view shows a bronze seal beside a door at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque
By David Lawder
WASHINGTON (Reuters) – The U.S. Treasury brought in $129.82 billion in total tax receipts on Tuesday, the annual tax filing deadline, compared with $75.53 billion a day earlier, the department’s daily financial statement showed on Wednesday.
The collections brought total deposits into the Treasury General Account at the Federal Reserve to $283.53 billion on Tuesday, with a closing balance of $252.55 billion after withdrawals.
Financial analysts have been watching the Treasury’s 2022 tax filing season receipts closely to determine the strength of revenues and when the federal government will exhaust its ability to pay all of its obligations without an increase in the federal debt ceiling – the so-called “X-date”.
Analysts have estimated that weaker-than-expected tax collections earlier in April indicated that deadline could come as early as the first half of June.
Shai Akabas, economic policy director at the Bipartisan Policy Center in Washington, said that a clearer picture may not emerge until early May, when April receipts are complete. He also noted that some states suffering natural disasters, have granted tax filing extensions in many counties, such as for flooding in California, and tornadoes in southern states.
The Daily Treasury Statement showed that total non-withheld individual tax receipts collected electronically and by other means on Tuesday totaled $80.07 billion versus $34.68 billion on Monday.
Withheld tax individual tax receipts totaled $24.92 billion on Tuesday compared with $21.37 billion on Monday. Corporate tax receipts on Tuesday totaled $24.53 billion after $19.313 billion on Monday.