Skip to comments.Tax Collections Hit Record Level for July
Posted on 08/10/2005 3:16:10 PM PDT by HangnJudge
WASHINGTON (AP) -- A record amount of tax revenue flowed into federal coffers in July, helping to keep the government on track to significantly lower the budget deficit this year.
The Treasury Department reported Wednesday that revenue collections jumped 5.7 percent last month from a year ago, pushing total receipts to $142.09 billion, the largest amount ever collected by the federal government in the month of July.
The Bush administration last month significantly lowered its estimate for this year's budget deficit - to $332.65 billion, down 22 percent from its February estimate that the deficit this year would total $427 billion.
The reason for the sharp improvement has been a flood of additional revenues this year as an improving economy has pumped up personal and corporate income collections.
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Art Laffer was right.
Art Laffer and his gang of supply-siders demonstrated that tax cuts, by laying the framework for economic growth, resulted in more tax revenue in the Harding and Coolidge administrations of the 20s, the Kennedy administration of the 60s, and the Reagan administration in the 80s. They can now chalk up the Bush tax cut of 2003 as yet another vindication.
Yes. Once again, the Zero Sum theory of wealth, which is foundation of all Socialisim, is refuted by reality.
Socialistic thought is soooo 19th century...
(You could almost feel sorry for them.)
Nah, that's not enough. Liberalism needs to be dead and buried. Kill the Democratic party and let something new take it's place. The Michael Moore's and Ted Kennedy's have no place in national politics.
Take your "Tax cuts for the rich!" mantra and shove it.
How about this response from the Democrats: "Tax cuts for the rich have shifted the tax burden to the backs of the working poor, forcing them to create more tax revenues than any time in the nation's history!"
I'm the son of a blue collar worker who died when I was 14 years old. I worked my way through 12+ years of college. My parents, grandparents, and great grandparents were all Democrats. If they were alive today, they would repudiate the Democrat Party and everything it stands for. My children are ALL Republicans; I am very proud to say. I'm not fooled by the Democrats one bit. The sooner they are dropped into the oubliette of history, leaving the American electorate divided between the Republicans and the Libertarians, the better.
Sorry that I was so late to reply. Many in my family are recovering Democrats too. My father's side of the family were Democrats during the Great Depression. The Democrat Party in no way resembles the party that it was 40 years ago. They are destined for the ash heap of history. It's a shame because the nation needs political parties with different views and stimulating debate. It's better for the country. What the Democrats are doing is not good for the country and I know that they will pay for the mess that they've created.