Corporate Tax Receipts Up; December in Surplus

A billion here and a billion there and pretty soon you're talking about real deficit reduction:

The U.S. government ran a $1 billion budget surplus in December, helped by a rise in corporate tax payments, the Congressional Budget Office said in its latest budget report released on Friday. The surplus, which compared with an $18 billion deficit in the previous December, helped create a smaller fiscal deficit for the first three months of the 2005 fiscal year, than in the same quarter of the prior year.

"In December, most corporations make their fourth quarterly payment of income taxes," the CBO said, adding that corporate tax refunds were lower than in the previous December.

Congress' nonpartisan fiscal watchdog said the 2005 shortfall now stands at $114 billion, about $16 billion less than for the same period last year.

Ride the deficit's ass, Vinny. Ride it-- like a Viking.

Thanks to Molly, who also has this great Scrappleface take-down on Barbara "Boo-Hoo" Boxer.

posted by Ace at 04:01 PM

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