Monday, July 10, 2006

I Guess It All Depends...

...on your definition of "surprising".

Surprising Jump in Tax Revenues Is Curbing Deficit

WASHINGTON, July 8 — An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.


Tax revenues are climbing twice as fast as the administration predicted in February, so fast that the budget deficit could actually decline this year.

The main reason is a big spike in corporate tax receipts, which have nearly tripled since 2003, as well as what appears to be a big increase in individual taxes on stock market profits and executive bonuses.

Now, I can understand how you might want to get a second opinon on this, what with it coming from such a right-wing propoganda machine as the New York Times.

(link via Paul at Wizbang)