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| The Business End of the Blogosphere ... |
Wednesday, April 30, 2008 --- 84 days ago http://www.bizzyblog.com/2008/04/29/supply-side-stunner-april-us-receipts-on-tra
| Those of us, including myself, who thought that the supply-side boom in federal receipts had totally played out, as well as those who are concerned about the condition of the economy, have received a surprising bit of good news this month.
Old Media, which doesn’t seem interested in looking for, let alone finding, good news, is not reporting a very interesting development. With two business days remaining in April, Uncle Sam’s Daily Treasury Statement shows that federal receipts from income and employment taxes, before refunds, are actually ahead of all of April 2007:
(Prior-year links: April 30, 2007 Daily Treasury Statement; April 2007 Monthly Treasury Statement.)
Forecasting a bit to the end of the month, it appears that April withheld income and employment taxes will come in a couple of points higher than last year, and that corporate income taxes will be flat.
But most surprising of all, by the end of April, not-withheld individual income and employment taxes will come in at least 7% higher than April 2007. Receipts in the past few days in this category have continued to pour in at a rate of over $10 billion per day. If that happens, an increase approaching 15% is not out of the question. (What is listed above as “not withheld” also includes a later and relatively small line item in the Daily Treasury Statement called “individual income taxes.”)
The unexpected increase in this not-withheld category consists most ... |
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