Income tax receipts rise despite closed businesses and unemployment Exchequer returns also note Covid-fuelled welfare spend of €1.6bn
about 3 hours ago
One of the interesting details of April’s exchequer returns was the strength of the income tax receipts at a time when a large part of the economy remains shuttered and 571,111 people were classified by the Central Statistics Office as out of work in March.
Income tax brought in €2.12 billion last month, 3 per cent or €62 million ahead of profile, and 13 per cent up on the same month of 2020, which was effectively the first full month of our Covid-19 lockdown.
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But what about the pass-throughs?
04/12/2021 10:00 AM EDT
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LET’S TALK ABOUT THE NUMBERS:
It’s been a key part of President Joe Biden’s argument for hiking taxes on corporations current revenue collections from big business are out of whack.
That goes for the U.S., as a historical measure: “Over the past three years, corporate tax collections have fallen to their lowest level since World War II: 1% of gross domestic product,” Treasury Secretary Janet Yellen wrote in the second sentence of her recent Wall Street Journal op-ed.
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