Panama Revenue Deficit is now $779 Million as Tax Revenue Fell in August

August was a critical year for the state in terms of revenue.  Not only did the deficit increase compared to the figure budget for the first 8 months of the year, but for the first time this year, revenue did not exceed the amount recorded last year.  The figure represents a deficit of 779 million dollars compared to the amount estimated by Laurentino Cortizo’s government for the first 8 months of the year, projections that were used to support the 2024 budget, for 30.69 billion dollars.  Now, the deficit is compounded by lower revenue collection.  Of the total revenue collected up to August, $3.414 billion corresponds to direct tax revenue, which meant a deficit of $467.6 million compared to the budgeted figure, while indirect taxes totaled $1.578 billion.  2024 because of the mine closure won’t be great, but 2025 will be gangbusters in comparison.

That seems like such a small number compared to the US debt of 35.27 trillion currently.  That’s $104,707 per person.  The five countries owning the most US debt include Japan ($1.1 trillion), China ($749.0 billion), the United Kingdom ($690.2 billion), Luxembourg ($373.5 billion), and Canada ($328.7 billion).