Posted on 04/26/2007 5:16:27 PM PDT by celmak
U.S. tax receipts from individuals hit a record one-day high of $48.7 billion on April 24, a Treasury Department official said on Wednesday.
The previous record was $36.4 billion, set on April 25, 2006, said Jennifer Zuccarelli, a Treasury spokeswoman.
The record reflects taxes not withheld from individuals over the course of the year, but paid to the government before this year's April 17 income-tax deadline.
While some of those tax payments come from taxpayers who withheld less tax from their paychecks than they owed, much of it was owed on income from investments or profits.
"This reflects the fact that Americans in high-income brackets had a very good year in 2006," said Lou Crandall, chief economist at Wrightson ICAP in Jersey City, New Jersey.
The one-day total is a small fraction of the estimated $2.5 trillion in overall tax receipts the government is likely to collect in fiscal 2007, Crandall said.
But strong tax revenues point to the likelihood of a shrinking budget deficit, he said.
Yep, that’s what you get with the **worst** economy in history. Record income. (barf)
LOL !!!
Gee, the NY Times was wrong again for the fifth year in a row. That’s almost news.
Given the market’s performance this month, there could be a shocking decrease in the deficit.
Too bad the politicos will just spend it away, while ignoring the problems with Medicare and SS.
It has to. The bottom 50% of wage earners poay a WHOPPING 3.5% of taxes.
But... but... how can that be? Those Republicans gave hugh tax cuts to their wealthy friends? Where is that money coming from? /s
Well, they must have gotten our check. It should be posting to our account any day now. Yippee.
There thinking right now on how they can make this BAD news.
The rats need to rase taxes. Tax breaks for the rich. The 40% who pay no taxes also need a tax raise.
Bush’s fault.
Especialy the ones that go off selling their food stamps for Lottery tickets.
“It has to. The bottom 50% of wage earners poay a WHOPPING 3.5% of taxes.”
Perhaps, but that’s because they don’t earn as much.
They pay a lot more than 3.5% of their income in taxes. They pay 6.85% of their income, flat tax, as social security and Medicare. They pay federal income tax. In most places, they pay state income tax. In many places, they pay city income taxes, which accounts for another 12% or so of their income. If they own property, they pay property taxes. They pay the car registration tax and the drivers license fee and the annual vehicle inspection fee. They have no choice but to pay for auto insurance, if they drive, because it is an unfunded regulatory mandate of government. Just about everywhere in the country, they pay at least 5% sales tax on most things they buy, and they pay much higher taxes on fuel and tobacco. They pay taxes every time they use the telephone. They pay taxes every time they turn on the lightswitch.
Add it all up, and the bottom 50% pay about a third of their income in taxes, which is about the same overall percentage of their overall income that the top 50% pay. It is true that in total revenue collected, those at the top pay more, but that is because 30% of a million dollars brings in a lot more revenue than 30% of $40,000. 30% of $40,000 pinches a whole lot more, though, than 30% of a million, because there is a floor set of expenses in life which cannot be properly substituted for, which EVERYONE must pay, and which have a floor cost that cannot be gotten under (this is why the benefits to welfare recipients, all told, come to roughly $25,000 a year per head, because that is the bare-bones minimum economic cost to keep the average person alive, housed, fed, sheltered, educated and health insured).
The rich do not pay a much greater percentage of their income in taxes. They certainly reap a tremendous number of advantages from the society to which they pay those taxes, however. The key reason that they are able to be rich and secure in their wealth is the infrastructure, education, law enforcement and national security arms of government, and the rule of law, all of which allow them to generate wealth in a regular economy and keep it from generic looters. For those protections, they pay taxes at a premium. There is nothing wrong with making them do that.
Bill Moyers, call your office.
Sometimes true. They often get a check from the IRS after paying zero taxes. (wealth transfer payments)
That's right people! Keep working! Millions on welfare depend upon you!
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