Tax collections fell slightly year to year in February. The IRS published new withholding schedules early in the month and employers began adjusting withholding tax collections.
Year to year comparisons for purposes of estimating the strength of the US economy will be questionable until January 2019 because it is all but impossible to accurately adjust for the impact of the tax cuts. But the data does show us how much the tax cut is costing the US Treasury. That’s money that it needs to raise in the market by selling debt. And that is critical information.
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