And my wife is a very happy woman. Economists in the U.S. of A. are very happy people too, but I had nothing to do with that fact.
Big tax haul signals strong profits.
WASHINGTON (Reuters) - Record high U.S. corporate tax receipts in the third quarter signal stronger-than-expected corporate profits for the period and the likelihood of a smaller budget deficit than forecast for 2006 and possibly 2007, analysts said on Monday.
Corporate tax receipts reached $71.8 billion in the third quarter, making Friday's gross receipts of $85.8 billion the largest in a single day in history, the Treasury Department said on Monday.
"You're beating the OMB numbers -- a slam dunk," said Ed McKelvey, senior economist at Goldman Sachs. "And the CBO number looks like it's a pretty good guess," he said.
The only problem is that bigger is only better until it isn't. Boortz sums it up this way: "... the fact that so much money was confiscated by the federal government in a single 24 hour period tells us something else. The government is too big...and it's become so large under a Republican administration and a Republican Congress. The Reagan Revolution is official dead among "conservative" politicians."
There is a silver lining in that monsterous cloud though: "...the economy continues to go like gangbusters. We are right in the middle of an historic economic boom. Don't let the mainstream media or the Democrats tell you otherwise...we've never had it so good. Add on top of that falling gas prices and we've got a great economic situation. In addition, the fact that tax receipts jumped 20% shows us that the Bush tax cuts are working just as they intended."
Sounds like a great stepping stone into a call for deconstructing the IRS and an elimination of the withholding tax.
