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Oh No You Didn’t! You Didn’t Just Use the “S” Word!! January 12, 2006, 7:17 pm

Posted by quintapalus in Economics.

“December Business Tax Payments Hit All-Time High”

From the Associated Press:

WASHINGTON — The federal government posted the first budget SURPLUS for December in three years as corporate tax payments hit an all-time high, helping offset a record level for spending, the Treasury Department reported Thursday.
The department said in its monthly budget report that government receipts surpassed spending by $10.98 billion last month. A year ago, the government ran a deficit of $2.85 billion in December.
The improvement reflected the fact that government receipts were up 12.1 percent from a year ago to $241.88 billion while government spending rose by a slower 5.6 percent to $230.9 billion. The figure for outlays still represented an all-time high for spending for any month.

That’s strange. If I recall correctly, Bush lowered the tax rates in 2003, yet we seeem to be taking in higher receipts. Golly…talk about your fuzzy math. Surely there must be some economic principle at play here, but my public school educated brain (read: liberal indoctrination) can’t seem to figure it out. After all, we just know that you collect more taxes by raising the rates, rights?



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