Tags: irs | tax | refunds | delay

Fiscal Cliff Deal Delays Tax Refunds, Narrows Budget Deficit

Tuesday, 16 Apr 2013 10:28 AM

By Courtney Coren

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
A delay in tax refunds and an increase in tax collections is helping to narrow the budget deficit, which could give Congress more time before it has to raise the nation's debt limit and borrowing authority.

According to The Wall Street Journal, the so-called “fiscal cliff” budget deal reached in January allowed the IRS more time to update its computer systems and change forms to comply with the new law.

As a result, the start of refund season for many Americans was delayed by at least two weeks while tax revenues were still going up, creating a better windfall for the government than had been expected.

The IRS said Monday that by April 5, tax refunds had fallen by more than 2 million, or 3.2 percent, compared with last year, the Journal reports. At the same time tax revenues were up due to a variety of reasons, including the increase in payroll taxes and taxes on high-income earners, and higher corporate profits.

As a result, the federal budget deficit is down from $778.98 billion last year at this time to $600.48 billion now.

Editor's Note: 5 Signs Stock Market Will Collapse in 2013

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ex-Adviser Sayfie: Jeb Bush Would Be 'Great President'

Monday, 20 Oct 2014 17:17 PM

Will former Florida Gov. Jeb Bush run for the 2016 Republican presidential nomination or won't he? Even one of his most  . . .

Pentagon Uncertain If Airstrikes Crippled Khorasan Group

Monday, 20 Oct 2014 16:49 PM

It remains unclear whether a series of targeted airstrikes have been successful in knocking out the small but fierce Kho . . .

Michael Barone: GOP in November Driver's Seat, but No Shoo-in

Monday, 20 Oct 2014 16:47 PM

Republicans look good two weeks before the midterm elections , but their retaking of the Senate is still not a sure thin . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved