Record Tax Receipts: Balanced Budget by 2009


from Brian S. Wesbury and Robert Stein

The U.S. Treasury Department reported a gusher of tax revenue last week. Tuesday alone, the Treasury received $48.7 billion from individual taxpayers as their final tax payment for 2006, an all-time single-day record, and one-third higher than the same day last year.

Based on information available through Friday, we estimate federal receipts at about $390 billion in April. This would be the largest tax take for any month in American history, up 25% versus last April, and up 18% versus the previous record high in April 2001.

With incomes and profits growing rapidly, the U.S. budget deficit will fall to about $145 billion during the twelve months ending in April. To put this in perspective, the deficit was $455 billion as recently as three years ago (the twelve months through April 2004).

These trends increase our confidence in the lonely forecast we made back in early February that the budget deficit would drop to $115 billion for the 2007 fiscal year, and disappear in Fiscal 2009, possibly before. In contrast, the Congressional Budget Office estimates a deficit of $177 billion this year, with the White House at $244 billion. Expect major revisions to these numbers.

The economy isn’t cooperating with the democrat plans for a 2008 takeover. Since “tax cuts for the rich” have facilitated strong economic growth, generating the record gusher of tax receipts, every day pocketbook issues will favor the GOP. Add to this the fact that the Left has bet the ranch on defeat in Iraq, we should expect the democrat political rhetoric to get even more shrill –if that’s possible.

h/t FR

12 Responses

  1. If the leftard congress critters can’t take credit for it, or ignore it, they will just run the same play…blame Rove, and call for hearings.
    The very idea of more people, making more money, then reinvesting it and buying goods, has just got to be like the cry of the banshees to the leftards. Why, we could all have free healthcare with that money.

  2. I fully expect more hearings. It’s the only play they have.

  3. Henh…I was being facetious. Hearings on the vanishing national debt?
    Anyway, you’re right about the hearings. They only have hearings so they can talk bad about the administration on national tv, and to demonstrate the only thing the leftards had as their parties foundation in ’06…they hated Bush, and everyone else should too. What else did they campaign on, the minimum wage increase? Speaking of which, the donks are planning on attaching the minimum wage to the Iraq emergency funds. How ridiculous!

  4. I didn’t know that.
    They should also put universal health care and civil rights legislation on it too.

  5. More on the sliming of Wolfowitz.

  6. Where did I see that?
    If I find it, I will post it. I’ve been out of pocket so much today, only grabbed pieces of info from tv’s in loud dining areas, and snippets of different radio talk shows.
    One thing I hear Mark Levin say, was a quote by mexican President Calderon, that “wherever there is a mexican, that place is Mexico.”
    How’s that for an open border statement?

  7. good, let’s send him a bill for educating his kids and keeping them well by the unpaid ER visits.

  8. well, it’s been a long one today. I just can’t hang…
    Gnite

  9. Nite nuke…hangin’by a thread here.
    See ya’.

  10. Good grief. The most gawdawful racket woke me up, and it’s a whole flock of Canadian geese walking around where the pond used to be and honking in consternation.

  11. Oh no, global warming got swampy’s pond!

  12. Heh. Global COOLING. (Cold water in the Pacific causing a La Nina event, and a very dry dry season, and increased tornado/hurricane mojo.) The folks in south Florida have actually had more rain than we have (which would be any) but the irony is that it is our water levels that prevent salt water intrusion into their aquifer, and our water levels are low, very low.

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