For the first time since President Bush took office, an unexpected leap in tax revenue is about to shrink the federal budget deficit this year, by nearly $100 billion.
Mr. Bush plans to hail the improvement at a cabinet meeting and to cite it as validation of his argument that tax cuts would stimulate the economy and ultimately help pay for themselves.
Based on revenue and spending data through June, the budget deficit for the first nine months of the fiscal year was $251 billion, $76 billion lower than the $327 billion gap recorded at the corresponding point a year earlier.
The big surprise has been in tax revenue, which is running nearly 15 percent higher than in 2004. Corporate tax revenue has soared about 40 percent, after languishing for four years, and individual tax revenue is up as well.
Tax cuts = More Revenue. Study it. There will be a quiz.
Full Story
1 comment:
PLease bush more tax cute you are up 15% well cut the taxes so you are only up 7% please, give the American people their hard earned money back. Maybe move to a flat tax, this graduated tax thing is a stupid liberal idea, and its time has come to go.
Post a Comment