Ronald J. Cappuccio, J.D., LL.M. (Tax)

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Big Tax Collections Offset Big Spending Government

| Jan 14, 2006 | Uncategorized

Big Tax Collections Offset Big Spending Government

The federal government posted the first budget surplus for December in three years as corporate tax payments hit an all-time high, helping offset a record level for spending, the Treasury Department reported Thursday, January 12, 2006

The department said in its monthly budget report that government receipts surpassed spending by $10.98 billion last month. A year ago, the government ran a deficit of $2.85 billion in December.

The improvement reflected the fact that government receipts were up 12.1 percent from a year ago to $241.88 billion while government spending rose by a slower 5.6 percent to $230.9 billion. The figure for outlays still represented an all-time high for spending for any month.
Corporate income tax collections totaled a record $73.5 billion last month, surpassing the old record of $72 billion set in September.

see: http://www.TaxEsq.com

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