Revenues At All-Time High, What About Spending?
As the table above shows, individual income tax receipts increased by $45B (+12.6%) and corporate taxes increased by $20B (+22%), compared to the same period a year ago. We keep hearing about the "tax cuts of 2003" (rates were decreased) when it was actually a "tax hike" if we look at what happened to revenues.
In 2006, tax revenues were at all-time historical high of $2.4 trillion. At the current pace, tax revenues collected this will be $2.64 trillion, and will set another record. Now, if they could just get that spending part under control (see cartoon above).