sooner n houston
5/11/2006, 02:09 PM
Stole this from another board.
Caution: may be eye opening for some people!!!
:D
- Monthly declines in tax revenues (year over year) occurred in 20 of the 27 months starting with the 01 recession up until the final passage of Bush’s tax cut in May ’03.
- Since that time, tax revenues have increased in 29 of the last 35 months (year over year) and 26 of the last 27 in particular.
- While spending is still running higher than revenues, the growth in revenues has been trending higher than the growth in spending (as of Dec 04) for the 1st time since 9/11.
- In 05, revenue growth was up 14.6% and spending was up 7.9%
- In 06, revenue growth is up 11.2% and spending is up 5.7%
- The Jan 06 deficit estimate for 06 from the CBO was -$337B and from the OMB (in Feb 06) was -$423B. Assuming growth in spending and revenue at the current rate for the rest of the year gets you to a deficit of –$219B in 06. This would be the lowest deficit since 02.
- If expenses had increased at just a 3% annual clip from Clinton’s last budget we’d have a surplus this year of $235B (based on the above assumptions for the next 5 months). Instead we have been growing spending by 8% in 02, 7% in 03, 6% in 04, 8% in 05, and currently 6% in 06.
- The last 4 qtrs have each recorded the all time highest tax revenues for the particular qtr in history. Last Q3 was the single highest qtr on record and April has started this Q3 13.5% above last April.
- Monthly tax revenue records have been set in 13 of the last 18 months
- This year's deficit is currently 22% lower than last year's at this time, which had been 16% lower than the year before that.
- Revenues from SS are up 7%, from individuals up 10%, and from corps up 30% YTD, year over year.
http://www.fms.treas.gov/mts/index.html
Caution: may be eye opening for some people!!!
:D
- Monthly declines in tax revenues (year over year) occurred in 20 of the 27 months starting with the 01 recession up until the final passage of Bush’s tax cut in May ’03.
- Since that time, tax revenues have increased in 29 of the last 35 months (year over year) and 26 of the last 27 in particular.
- While spending is still running higher than revenues, the growth in revenues has been trending higher than the growth in spending (as of Dec 04) for the 1st time since 9/11.
- In 05, revenue growth was up 14.6% and spending was up 7.9%
- In 06, revenue growth is up 11.2% and spending is up 5.7%
- The Jan 06 deficit estimate for 06 from the CBO was -$337B and from the OMB (in Feb 06) was -$423B. Assuming growth in spending and revenue at the current rate for the rest of the year gets you to a deficit of –$219B in 06. This would be the lowest deficit since 02.
- If expenses had increased at just a 3% annual clip from Clinton’s last budget we’d have a surplus this year of $235B (based on the above assumptions for the next 5 months). Instead we have been growing spending by 8% in 02, 7% in 03, 6% in 04, 8% in 05, and currently 6% in 06.
- The last 4 qtrs have each recorded the all time highest tax revenues for the particular qtr in history. Last Q3 was the single highest qtr on record and April has started this Q3 13.5% above last April.
- Monthly tax revenue records have been set in 13 of the last 18 months
- This year's deficit is currently 22% lower than last year's at this time, which had been 16% lower than the year before that.
- Revenues from SS are up 7%, from individuals up 10%, and from corps up 30% YTD, year over year.
http://www.fms.treas.gov/mts/index.html