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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: UncleBigs who wrote (54242)2/20/2006 6:09:20 AM
From: basho  Read Replies (2) of 110194
 
Tax collections certainly are growing rapidly but it's probably worth putting them in historical perspective.

The high ($1004.5 billion) in individual tax collections was reached in the fiscal year ending Sept 2000. They then fell to a low of $793.7 billion in 2003 and the Sept 2005 year finished with $927.5 billion. The latest projection for fiscal year 2006 is $997.6 billion.

So, two things. Even though they're growing rapidly, they still haven't reached the highs of 5 years ago. Secondly, the previous high coincided pretty well with the start of the last downturn in both economy and markets so there's no reason to think it necessarily points to either stronger markets or economy ahead.

P.S. Overall tax receipts did reach a new high in fiscal year 2005 thanks to higher SS receipts and corporate taxes.
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