Big Tax Collections Offset Big Spending Government

Big Tax Collections Offset Big Spending Government

The federal government posted the first budget surplus for December in three years as corporate tax payments hit an all-time high, helping offset a record level for spending, the Treasury Department reported Thursday, January 12, 2006

The department said in its monthly budget report that government receipts surpassed spending by $10.98 billion last month. A year ago, the government ran a deficit of $2.85 billion in December.

The improvement reflected the fact that government receipts were up 12.1 percent from a year ago to $241.88 billion while government spending rose by a slower 5.6 percent to $230.9 billion. The figure for outlays still represented an all-time high for spending for any month.
Corporate income tax collections totaled a record $73.5 billion last month, surpassing the old record of $72 billion set in September.

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