Revenue Collections Hit Record in April

[Vegas]

http://www.breitbart.com/article.php?id=D8P1M33O0&show_article=1

Federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.

Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.

So far this year, tax revenues total $1.505 trillion, an increase of 11.2 percent over the same period last year. That figure includes $383.6 billion collected in April, the largest monthly tax collection on record.

Tax collections swell in April every year as individuals file their tax returns by the deadline.

For the first seven months of this budget year, which began Oct. 1, revenue collections and government spending are at all-time highs.

However, the spending total of $1.585 billion was up at a slower pace of 3.2 percent from the previous year.

The difference in the growth of tax collections and spending is the reason for the narrowing deficit.

The Congressional Budget Office said that it now expects the deficit for all of 2007 to total between $150 billion and $200 billion. That would be a significant improvement from last year's deficit of $248.2 billion, which had been the lowest imbalance in four years.

The federal budget was in surplus for four years from 1998 through 2001 as the long economic expansion helped push revenues higher. But the 2001 recession, the cost of fighting a global war on terror and the loss of revenue from President Bush's tax cuts sent the budget back into the red starting in 2002.

The administration's budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent. They are now due to expire in 2010.

However, critics say the improvement in the deficits will be only temporary with deficits expected to balloon again with the higher Social Security and Medicare payments needed as 78 million baby boomers retire.

While Bush sought to make entitlement reform the centerpiece of his domestic agenda in a second term, his proposals to bolster Social Security with personal savings accounts has gone nowhere in Congress.

For April, revenue receipts totaled $383.64 billion while spending totaled $205.97 billion, leaving a surplus for the month of $177.7 billion.

[LSU]

It will soon rise a bit more when they get my check this week.

[Vegas]

It will soon rise a bit more when they get my check this week.

I hate writing those checks.

[IBC]

http://www.breitbart.com/article.php?id=D8P1M33O0&show_article=1

Federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.

Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.

So far this year, tax revenues total $1.505 trillion, an increase of 11.2 percent over the same period last year. That figure includes $383.6 billion collected in April, the largest monthly tax collection on record.

Tax collections swell in April every year as individuals file their tax returns by the deadline.

For the first seven months of this budget year, which began Oct. 1, revenue collections and government spending are at all-time highs.

However, the spending total of $1.585 billion was up at a slower pace of 3.2 percent from the previous year.

The difference in the growth of tax collections and spending is the reason for the narrowing deficit.

The Congressional Budget Office said that it now expects the deficit for all of 2007 to total between $150 billion and $200 billion. That would be a significant improvement from last year's deficit of $248.2 billion, which had been the lowest imbalance in four years.

The federal budget was in surplus for four years from 1998 through 2001 as the long economic expansion helped push revenues higher. But the 2001 recession, the cost of fighting a global war on terror and the loss of revenue from President Bush's tax cuts sent the budget back into the red starting in 2002.

The administration's budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent. They are now due to expire in 2010.

However, critics say the improvement in the deficits will be only temporary with deficits expected to balloon again with the higher Social Security and Medicare payments needed as 78 million baby boomers retire.

While Bush sought to make entitlement reform the centerpiece of his domestic agenda in a second term, his proposals to bolster Social Security with personal savings accounts has gone nowhere in Congress.

For April, revenue receipts totaled $383.64 billion while spending totaled $205.97 billion, leaving a surplus for the month of $177.7 billion.

When will we start counting the war costs in these numbers.

[Jiddy78]

http://www.breitbart.com/article.php?id=D8P1M33O0&show_article=1

Federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.

Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.

So far this year, tax revenues total $1.505 trillion, an increase of 11.2 percent over the same period last year. That figure includes $383.6 billion collected in April, the largest monthly tax collection on record.

Tax collections swell in April every year as individuals file their tax returns by the deadline.

For the first seven months of this budget year, which began Oct. 1, revenue collections and government spending are at all-time highs.

However, the spending total of $1.585 billion was up at a slower pace of 3.2 percent from the previous year.

The difference in the growth of tax collections and spending is the reason for the narrowing deficit.

The Congressional Budget Office said that it now expects the deficit for all of 2007 to total between $150 billion and $200 billion. That would be a significant improvement from last year's deficit of $248.2 billion, which had been the lowest imbalance in four years.

The federal budget was in surplus for four years from 1998 through 2001 as the long economic expansion helped push revenues higher. But the 2001 recession, the cost of fighting a global war on terror and the loss of revenue from President Bush's tax cuts sent the budget back into the red starting in 2002.

The administration's budget sent to Congress in February projects that the deficit will be eliminated by 2012 even if the president achieves his goal of getting his tax cuts made permanent. They are now due to expire in 2010.

However, critics say the improvement in the deficits will be only temporary with deficits expected to balloon again with the higher Social Security and Medicare payments needed as 78 million baby boomers retire.

While Bush sought to make entitlement reform the centerpiece of his domestic agenda in a second term, his proposals to bolster Social Security with personal savings accounts has gone nowhere in Congress.

For April, revenue receipts totaled $383.64 billion while spending totaled $205.97 billion, leaving a surplus for the month of $177.7 billion.


Lotta different ways to look at this:

Less cap/gain income circumvented by REAL work, which was necessary to "pay the bills"...but facilitated more tax due to higher rates...

Population & Inflation is worked in here somewhere.

That government spending all-time highs stat is definitely a big portion in wages for the public guys pulling the "oh no we're not being run out of the market" game....Of course, private sector suckers like me just stand by and get raped from all sides in the process. Good fun.

[LSU]

Are higher tax totals an indication of a better economy? More income/gains being made, so more taxes taken in? Or more of a product of people actually paying what they owe? Or an indication of nothing in particular?

[Jiddy78]

Are higher tax totals an indication of a better economy? More income/gains being made, so more taxes taken in? Or more of a product of people actually paying what they owe? Or an indication of nothing in particular?


Too many factors...I wouldn't buy too much into it.

Inflation...Population...Bubble dummies losing their asses but can't sell for that recognized loss-or, if they do, are limited by cap gain exceptions-so they go back and do REAL WORK which taxes them higher...Younger people being much more legit than their predecessor generations....

[Vegas]

Are higher tax totals an indication of a better economy? More income/gains being made, so more taxes taken in? Or more of a product of people actually paying what they owe? Or an indication of nothing in particular?

It's one indication of a good economy. It's a shame that more revenues always lead to more wasteful spending. In this case, the deficit is smaller than originally projected. To me that means that we're getting sick at a slower rate. The influx of revenue will signal that there's more money to spend. If the economy slows (which it will at some point), there will be all kinds of new programs and pork and lower revenue so the deficit will be even worse.

[Jiddy78]

It's one indication of a good economy. It's a shame that more revenues always lead to more wasteful spending. In this case, the deficit is smaller than originally projected. To me that means that we're getting sick at a slower rate. The influx of revenue will signal that there's more money to spend. If the economy slows (which it will at some point), there will be all kinds of new programs and pork and lower revenue so the deficit will be even worse.

That's very unrepublican-like of you.

[IBC]

It's one indication of a good economy. It's a shame that more revenues always lead to more wasteful spending. In this case, the deficit is smaller than originally projected. To me that means that we're getting sick at a slower rate. The influx of revenue will signal that there's more money to spend. If the economy slows (which it will at some point), there will be all kinds of new programs and pork and lower revenue so the deficit will be even worse.

Yes, and the fact that we aren't even considering our debt from the war(s) in these projections and figures will hurt us even more.