Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
U.S. posts smallest March deficit since 2000
Author: Scarinci Hollenbeck, LLC
Date: April 25, 2014
Key Contacts
Back
An improving economy and reductions in federal spending led the U.S. to the smallest federal budget deficit for March in the past 14 years, according to Bloomberg. The federal government spent $36.9 billion more than it took in last month, marking a dramatic decrease year-over-year, the Treasury Department said on April 10. In March 2013, the federal budget deficit was $106.5 billion.
“The economy is growing, so the tax receipts are up,” Paul Edelstein, director of U.S. financial economics at IHS Global Insight Inc. in Lexington, Mass., told the news source. “We’ve also cut back significantly on expenditures.”
Last week, a report showed that the number of employees on company payrolls passed peak pre-recession levels for the first time in March, which will help to further increase tax receipts, according to the news source. Corporate tax receipts may also be boosted by the recent pickup in the rate of growth. The Treasury showed that revenue increased 16 percent year-over-year, to $215.8 billion in March compared to 186 billion in March 2013. The federal government spent $252.7 billion in March, down 13.6 percent from the $292.5 billion spent one year prior.
Corporate tax receipts increased to 117.5 billion in the first half of the fiscal year, a $17 billion increase, according to The New York Times. Social Security collections increased as well. Lower military spending, fewer outlays for benefits like unemployment insurance and continued payments to the Treasury from Freddie Mac and Fannie Mae also helped the government’s books.
In total, the deficit is expected to equal 4.1 percent of the GDP in 2014, the news source reported. This is down from the peak of almost 10 percent in 2009 – the height of the recession. Deficits going forward are expected to stay level at two percent to three percent over the next few years before spiking at the end of the decade.
- Practices: Tax and Trusts & Estates, Estate & Trust Litigation, Real Property Tax Strategies
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.