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Tax Revenues Drive Down US Federal Deficit

by Mike Godfrey, Tax-News.com, Washington

18 January 2007


The United States Treasury has said that the fiscal outlook significantly improved in the year-to-date to December, as record tax revenues boosted the monthly surplus by more than 300%.

"This good news reflects the strong state of our economy. The President's tax relief has helped make this possible by creating the conditions for sustained economic growth and job creation," announced Assistant Secretary for Economic Policy Phillip Swagel.

Year to date, the fiscal deficit of $80 billion is down 33% ($39 billion) compared to the same period last year. October to December receipts for fiscal year 2007 are at $574 billion, running 8% ($43 billion) higher compared to the same period for FY2006.

December brought record-level monthly tax receipts ($260 billion) and a record-level surplus ($45 billion) for the month. The monthly surplus was up 306% ($34 billion) compared to December 2005 ($11 billion).

December 15 brought the largest ever single day corporate tax receipts ($73 billion). This broke the previous record set in September 2006 ($72 billion).

"Maintaining low tax rates will help ensure continued economic growth, lift Americans living standards, and enable us to address our longer term fiscal challenges from a position of economic strength," the Treasury concluded.


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