A blog to share my thoughts about trading, frugal living, money and the economy. Occasionally I might even throw in a few things about better living, technology, futurism, and science but these are always in some way related to finances or speculation.

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Location: Phoenixville, Pennsylvania, United States

"I have become all things to all men so that by all possible means I might save some."

Monday, September 25, 2006

Tax Cuts Really Do Lead to Higher Tax Receipts?

With news like this you do have to question forecasts for imminent "doom and gloom".

US Treasury Sets New 1-Day Tax Receipt Record Of $85.8 Billion
-By Benton Ives-Halperin, Dow Jones Newswires; 202-862-9255;
Tuesday September 19th, 2006

WASHINGTON -(Dow Jones)- The U.S. government recorded record-high overall and corporate tax receipts on Sept. 15, which was a quarterly deadline for tax payments, the Treasury said Monday.

Total tax receipts were $85.8 billion on Friday, compared with the previous one-day record of $71 billion on Sept. 15 of last year, the Treasury said.

Within the overall figure, corporate tax receipts Friday were $71.8 billion, up from $63 billion in September of last year.

Treasury Undersecretary for Domestic Finance Randal Quarles said Friday's numbers provided a "continuing demonstration of the strength of the U.S. economy."

"In fact, Friday's gross receipts were the largest in a single day in the nation's history - 20% higher than receipts on the same quarterly tax payment date last year," Quarles said in a statement.


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