Monday, May 08, 2006

Tax Gusher

(via Instapundit)

TaxProfBlog posted that the Congressional Budget Office is reporting "robust" growth in tax revenues for the first four months of FY2006.
I discussed this growth when it was first discussed months ago, and it seems that the growth is exceeding even those original projections. 11.2%?! Who knew that lower taxes would bring about growth and higher tax revenues? Oh, that's right, just about everyone.

What's even more amazing is how much this is cutting off the deficit: According to the new chart, in the month of April alone the government should cut $62 billion off the deficit. Now, if only the government would stop its ridiculous spending, that deficit could be gone within just a couple of years (just the interest on the public debt rose from $105b to $129b this year). Revamping Social Security ($314 billion for the first 7 months of FY2006) would be nice, too...

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