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General Fund collects more than expected in May

Intelligent Economics > Blog > General Fund collects more than expected in May

The Treasury Department collected $1,414.6 million in May, the most significant amount since April 2019. The collections, which are not comparable to the $516.0 million collected in May of last year, are $42.9 million higher than the government’s forecasts.
Individual contributions reached $369.2 million, the largest amount in 25 months. Corporations paid $359.8 million, up threefold from April, while foreign corporations paid $216.0 million, increasing 11.0%.
Auto taxes were collected in the amount of $55.0 million, the most considerable amount since December of last year.
Sales and Use Tax (SUT) receipts increased by 47.1 percent to $ 2,219.7 million from the previous fiscal year.
The General Fund received a 24.1 percent decrease in net income from the Department of the Treasury in2020, up to $9,258.5 million.

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