Growth in withholding tax collections flattened in the third week of October. The nominal annual growth rate held at 5.6%, the same as the prior week, which suggests a real, inflation adjusted, growth rate of approximately 3.6%. Based on the tax data the the Tale of Two Economy’s top line growth rate has not materially changed in the third quarter or the early days of the fourth quarter. Meanwhile, the steady growth of tax receipts is enabling the politicians to delay dealing with the debt ceiling, but the day of reckoning is coming.
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