1.12.2006

Record tax receipts

What's that about needing to undo Bush's "reckless tax cuts for the wealthy"?

Corporate Taxes, Government Spending Hit Records:

WASHINGTON - The federal government posted the first budget surplus for December in three years as corporate tax payments hit an all-time high, helping offset a record level for spending, the Treasury Department reported Thursday.

The department said in its monthly budget report that government receipts surpassed spending by $10.98 billion last month. A year ago, the government ran a deficit of $2.85 billion in December.

The improvement reflected the fact that government receipts were up 12.1 percent from a year ago to $241.88 billion while government spending rose by a slower 5.6 percent to $230.9 billion. The figure for outlays still represented an all-time high for spending for any month.

Corporate income tax collections totaled a record $73.5 billion last month, surpassing the old record of $72 billion set in September.


Arthur Laffer illustrated it well, and everyone understands it, except for Democrats: cutting tax rates expands the economy, which leads to an increase in tax revenues.

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