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« Pat O'Brien Thread | Main | Ka Ching II: The Wrath of Khan »
May 05, 2005

Ka-Ching

Treasury receipts surge in April:

After three years of rising federal budget deficits, a surge of April tax receipts brought unexpected good news to fiscal policymakers -- the tide of government red ink appears to be receding.

The Treasury Department this week reported there would be a $54 billion swing from projected deficit to surplus in the April-to-June quarter, after an unanticipated gush of tax payments poured into the Treasury before the April 15 deadline. That prompted private forecasters to lower their deficit projections for the fiscal year that ends in September.

...

"I think it has turned the corner," said David Wyss, chief economist at Standard & Poor's, the credit rating agency. "My guess is 2004 will have been the worst year."

...

April... turned out to be a far better month than anticipated. Taxpayers were confronted with unexpected tax bills, many from capital gains and the alternative minimum tax, a parallel income tax system designed to hit the rich but that is increasingly pinching the middle class. The Treasury announced this week that it will repay $42 billion in federal debt in the third April-to-June quarter, instead of borrowing $12 billion.

Wall Street analysts reduced their deficit forecasts this week, from around $400 billion to around $370 billion.



posted by Ace at 10:43 AM
Comments



That's not especially good news.

I want my money back, you @#$%***&!!!

Posted by: Slublog on May 5, 2005 10:53 AM

"In fact, we think the deficits are coming down."

Wall Street wasn't buying it.

Good news, but I'm reminded of that song from Rogers & Hammerstin's Tales of the South Pacific:

talk, talk, talk, talk, talk, talk, happy talk,

talk about things you like to do,

you got to have dream,

if you don't have have dream,

how you gonna have dream come true?

Posted by: on May 5, 2005 10:59 AM

Well I know I contributed $3,000 to their little "hey, look, people paid up" April surprise.

Arrrrrghh!

Posted by: Dave in Texas on May 5, 2005 11:01 AM

Excellent. The deficit is coming down, but I still got a 100% refund.

Mmmmm... what is that delicious flavor?

Oh, wait: it's Dave's white-hot jealousy. Yes, yes, Dave, envy me. Your desire is succulent on my tongue.

Posted by: Pompous on May 5, 2005 11:06 AM

Bush's rate adjustments are a joke for the higher brackets until the AMT is reformed, but I supported it just the same because it pissed the liberals off so much.

Do you think Karl Rove knew I would? Rabid partisanship means I'll take my screwing and like it as long as the other side wishes it was worse.

Posted by: spongeworthy on May 5, 2005 11:17 AM

Pompous,

Oh blow it out your squeakhole, Mr. 100% refund smarty pants guy.

Posted by: Dave in Texas on May 5, 2005 11:26 AM

I claimed all my time spent reading and commenting on this blog as "Consulting Expenses Incurred." Yes sir! Getting me a fat check in the post soon! Heck, they'll probably even deliver it personally.

Posted by: compos mentis on May 5, 2005 11:33 AM

Dave in Texas:

Even if the Pompous one got a 100% refund, remember this: If he had been really smart, he wouldn't have gotten a refund, because he wouldn't have paid anything to the Government in the first place!

Brad

Posted by: Brad on May 5, 2005 11:40 AM

yeah, I know Brad, I'm just kiddin around. I try to keep it within $500 of zero myself. Bad planning this past year.

Posted by: Dave in Texas on May 5, 2005 12:01 PM

Way to brag about being such broke-ass slackers.

"Hey, I didn't pay shit in taxes last year! They're threatening to attach my Frigidaire box!"

Classic hippie infestation.

Posted by: spongeworthy on May 5, 2005 12:50 PM
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