OT Tax Cuts increase revenue/cut deficit
- From: Scott in Florida <askifyouwant@xxxxxxxxxxxxxx>
- Date: Sun, 09 Jul 2006 00:51:09 GMT
Great Republican Leadership.
Thanks George W. Bush!
Surprising Jump in Tax Revenues Curbs U.S. Deficit
By EDMUND L. ANDREWS
WASHINGTON, July 8 ? An unexpectedly steep rise in tax revenues from
corporations and the wealthy is driving down the projected budget
deficit this year, even though spending has climbed sharply because of
the war in Iraq and the cost of hurricane relief.
On Tuesday, White House officials are expected to announce that the
tax receipts will be about $250 billion above last year's levels and
that the deficit will be about $100 billion less than what they
projected six months ago. The rising tide in tax payments has been
building for months, but the increased scale is surprising even
seasoned budget analysts and making it easier for both the
administration and Congress to finesse the big run-up in spending over
the past year.
Tax revenues are climbing twice as fast as the administration
predicted in February, so fast that the budget deficit could actually
decline this year.
The main reason is a big spike in corporate tax receipts, which have
nearly tripled since 2003, as well as what appears to be a big rise in
individual taxes on stock market profits and executive bonuses.
Scott in Florida
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