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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (317411)	12/26/2006 11:57:46 AM
From: longnshort	Read Replies (3) of 1577280

No, this one. CBO: Tax Revenues Soaring CBO: Tax Revenues Soaring, Deficit Substantially Declining Today, the Congressional Budget Office (CBO) released the first estimate of April tax collections and it shows tax revenues soaring to an all time high. April is the largest month for federal tax collections are provides a roadmap for where tax revenues will end the fiscal year as well as for the federal budget deficit. In fact, revenues were so large in April CBO has revised down their deficit forecast from $350 billion to $300 billion, which includes enactment of the $100 billion supplemental and tax reconciliation legislation. This is consistent with ASA’s January forecast for a $289 billion deficit at the end of the fiscal year. Tax receipts in April increased 14 percent above last April’s elevated levels and now stand 11 percent above last years levels. It should be noted that this double-digit gain is occurring on top of last year’s $274 billion increase, which was by far the largest one year increase of tax revenue in American history. Driving this increase were non-withheld income taxes, which comes in the form of capital gains, dividends, stock options, and bonuses. CBO noted non-withheld income tax revenues will come in as high as 20 percent when the May returns are calculated. Let us be clear here – capital gains tax revenues are soaring in response to the 2003 tax cut. CBO and JCT have already missed the capital gains tax forecast by $47 billion from FY 2003-2005. However, this number will have to be revised upwards based on today’s numbers. The capital gains tax cut was expected to lose $3 billion to the Treasury – yet, has paid for itself at least 16 times over.

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