Federal Tax Revenues At All-Time High, So Is Spending

[Regis Philbin]

We need more taxes like we need a hole in the head---the problem is too much spending.


http://biz.yahoo.com/ap/070510/federal_budget.html?.v=10

Revenue Collections Hit Record in April

Thursday May 10, 5:55 pm ET
By Martin Crutsinger, AP Economics Writer

Revenue Collections Hit Record High in April, Improve Budget Deficit

WASHINGTON (AP) -- Federal revenue collections hit an all-time high in April, contributing to a further improvement in the budget deficit for the year.

Releasing its monthly budget report, the Treasury Department said Thursday that through the first seven months of this budget year, the deficit totals $80.8 billion, significantly below the $184.1 billion imbalance run up during the first seven months of the 2006 budget year.

So far this year, tax revenues total $1.505 trillion, an increase of 11.2 percent over the same period last year. That figure includes $383.6 billion collected in April, the largest monthly tax collection on record.

Tax collections swell in April every year as individuals file their tax returns by the deadline.

For the first seven months of this budget year, which began Oct. 1, revenue collections and government spending are at all-time highs.

[Annoyedlistner]

so is credit card debt.....

[Richard Tafoya]

Unfortunately, spending at the Wal-Mart level is tanking. They just posted their worst quarter in almost three decades.