June 16, 2005

NEVER TOO EARLY TO START SPENDING THE SURPLUS:

Government Hits One-Day Tax Revenue High (AP, Jun 16, 2005)

After totaling it all up, the Treasury Department announced Thursday that it had collected $61 billion on Wednesday. That surpassed the old one-day record of $56 billion set on Dec. 15, 2000.

The bulk of the revenue — $49 billion — came from corporate tax payments, also a one-day record for such receipts. The old mark was $46 billion set last Dec. 15. Wednesday's date, June 15, and Dec. 15 are both deadlines for corporations to make quarterly tax payments.

The government's coffers have been swelling this year as tax receipts from both individuals and corporations have been on the rise, reflecting an improving economy. Because of those increases, this year's federal deficit is expected to fall to around $350 billion, down from the $413 billion record in dollar terms set in 2004.

Posted by Orrin Judd at June 16, 2005 10:33 PM
Comments

Based on what we read (and how the numbers keep getting revised), $350 billion is probably 10% too high.

Posted by: jim hamlen at June 16, 2005 11:20 PM

Darn those Bush tax cuts! See what happens? It's all George's fault.

Posted by: obc at June 17, 2005 12:15 AM

The only downside here is that the declining deficit reduces the pressure on the Senate/House to rein in spending.

Posted by: AWW at June 17, 2005 8:01 AM

I'm still waiting for my refund.

Posted by: Bartman at June 17, 2005 8:02 AM

AWW:

Spending cuts will come from the post-war build-down.

Posted by: oj at June 17, 2005 9:05 AM
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