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Lower Tax Rates, Higher Tax Receipts
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| Contributor | Tony82 |
| Last Edited | Tony82 May 06, 2005 09:21am |
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| Category | Commentary |
| News Date | Friday, May 6, 2005 03:20:00 PM UTC0:0 |
| Description | An eye-opening headline in this morning’s Washington Post went like this: “Tax Receipts Exceed Treasury Predictions.” After reading the story I wanted more details, so I dug inside the daily Treasury statements. There I found that non-withheld receipts from capital gains, dividends, stock options, and other sources came to $144 billion for the April tax-payment month. That’s an incredible 29 percent increase from a year ago when receipts fell by 5 percent.
Consequently, the budget deficit for fiscal year 2005 should come in around $395 billion, or 3.2 percent of gross domestic product, a calculation that includes the military-appropriations supplement for the war on terror. Last year the budget gap was $412 billion, or 3.6 percent of GDP. That led to the Treasury Department borrowing an additional $42 billion. But as a result of the increased tax receipts this year, Treasury will actually pay down $42 billion in debt during the April-June quarter. |
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